India: Sponge iron prices fall on weak buying activity - 16 Dec

Indian sponge iron prices fell today, declining in the range of INR 50-150/t d-o-d in major markets. Prices fell as a result of weak demand in the semi-finished and finished steel markets. Need-based buying resulted in limited market activity.

PDRI market prices closed in a range of INR 26,550-29,250/t and CDRI prices, at INR 28,400-32,800/t.

About 6,000 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 6,050 t on 15 December.

Rationale -

Prices have been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative