India: Sponge iron prices inch up despite limited demand - 14 Oct

Indian sponge iron prices witnessed a modest uptick today ranging from INR 150-600/tonnes (t) in key locations, despite limited demand. The market saw limited activity, with buyers making need-based purchases.

PDRI market prices closed at a range of INR 28,100-29,500/t and CDRI prices, at INR 29,950-35,000/t.

About 6,400 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 17,060 t on 13 October.

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