India: Sponge iron prices record further drop by INR 150/t d-o-d - 9 Oct
Today, there has been an additional drop in the prices of Indian sponge iron, witnessing a decline ranging from INR 100-INR 550 per tonne in key locations. Negative impac...
Today, there has been an additional drop in the prices of Indian sponge iron, witnessing a decline ranging from INR 100-INR 550 per tonne in key locations. Negative impact of downtrend in the semi-finished and finished long steel segments, has resulted into a weak demand throughout the day. Owing to weak market sentiments, modest trading activity and a slight increase in trade volumes were reported d-o-d.
PDRI market prices closed at a range of INR 28,700-30,200/t exw and CDRI prices, at INR 30,350-35,600/t exw.
About 6,600 tonnes (t) of sponge iron transactions were recorded today compared to 2,720 t on 7 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
