India: Sponge iron prices inch up on moderate demand - 29 Nov

Indian sponge iron prices inched up today by INR 100-350/t in almost all key locations. However, sponge iron prices only in Mandi Gobindgarh dropped by INR 200/t.

The market saw moderate trading activity, with buyers making need-based procurements.

PDRI market prices closed at a range of INR 25,400-28,200/t and CDRI prices, at INR 27,800-31,800/t.

About 19,820 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 13,290 t on 28 November.

Sources informed SteelMint that since last one week, prices of sponge have dropped owing to falling steel prices. Buyers were cautious about the price swings which ultimately impacted the spot trade volumes.

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