India: Sponge iron prices inch up, buying activity remains moderate - 5 Mar

Indian sponge iron prices witnessed a modest uptick today ranging from INR 50-300/t in key locations, with moderate buying activity reported.

PDRI market prices closed at a range of INR 25,000-27,600/t and CDRI prices at INR 26,550-31,000/t.

The market saw moderate activity as participants had sufficient orders placed over the past few days and hence only need-based purchases were seen today.

About 14,060 t of sponge iron transactions were recorded in the country on Tuesday compared to 21,350 t on 4 March.

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