India: Sponge iron prices fall on weak buying interest - 14 Nov

Indian sponge iron prices declined today with prices falling by INR 150-500/t in some key locations. However, sponge iron prices only in Bellary and Ramgarh showed a marginal rise by INR 50-250/t.

Moreover, majority of the market was inactive amid festivity (post-Diwali and Bhai Dooj) which led to weak demand throughout the day. Therefore, a marginal decrease in trade volumes impacted sponge prices.

PDRI market prices closed at a range of INR 26,100-28,700/t and CDRI prices, at INR 28,500-33,500/t.

About 4,655 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 30,950 on 10 November.

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