India: Sponge iron prices inch up despite moderate buying - 27 Dec

Indian sponge iron prices witnessed a modest uptick today ranging from INR 100-150/tonnes (t) in some key locations, despite moderate buying. However, sponge iron prices in Raipur and in the southern region fell by INR 50-350/t.

PDRI market prices closed at a range of INR 25,350-27,700/t and CDRI prices, at INR 27,400-31,500/t.

About 15,500 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 9,420 t on 26 December.

The market saw moderate activity as participants are still cautious about the price swings and hence, made only need-based purchases today.

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