India: Sponge iron prices fall slightly despite improved buying - 21 Jan

• Prices plunge in the eastern and southern regions
  
  
• Slight improvement in buying observed d-o-d
  
  

India's sponge iron market witnessed slight corrections today, with prices declining by INR 50-150/t d-o-d across various locations. Sellers reduced offerings in anticipation of improved buying activity, which led to a slight improvement in trade volumes.

Despite the price adjustments, market sentiments remain cautious, with participants closely observing trends in the semi-finished and finished steel segments for further cues.

PDRI prices stood at INR 22,900-25,500/t today, while CDRI offers were assessed at INR 25,450-30,200/t at the end of today's session.

Deals for about 9,750 t of sponge iron were recorded today compared to 6,800 t on 20 January.

Rationale

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

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