India: Sponge iron prices move upward d-o-d amid limited buying - 9 Mar

• Sponge iron prices up by INR 100-200/t today
  
  
• Buying activity remains limited on higher offers
  
  
• Trade volumes edge lower d-o-d
  
  

Sponge iron prices in India continued to increase, with prices rising by INR 100 to 200/t d-o-d in major regions. This upward movement indicated supportive buying w-o-w, as buyers were active in booking materials in response to rising offers. However, due to the continuous increase in prices, buying demand remained limited in today's trading session.

PDRI market prices closed at a range of INR 25,400-27,500/t and CDRI prices, at INR 26,750-31,100/t.

About 9,360 tonnes (t) of sponge iron deals were recorded in the country today compared to 17,010 t on 8 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