India: Sponge iron prices increase further on improved spot buying - 27 Mar

• Sponge iron prices rise in key markets
  
  
• Positive sentiment in billet market supports prices
  
  

Sponge iron prices in India continued to increase further following positive sentiments in the semi-finished steel segment. Prices rose by INR 50-600/t today in major regions, indicating a strong upward trend driven by positive dynamics and buying activity.

PDRI prices were assessed at INR 25,800-26,950/t, while CDRI prices stood at around INR 26,900-31,300/t.

Buying improved in today's trading session, with significant surge in bookings seen after the long holidays which resulted in increased spot offers.

About 23,950 tonnes (t) of sponge iron transactions were recorded today compared to 7,100 t on 22 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