India: Sponge iron prices remain volatile d-o-d - 20 Jan

• Demand for sponge iron remains weak d-o-d
  
  
• Traders scan finished prices for shifting trends
  
  

India's sponge iron prices fluctuated in the range of INR 50-200/tonne (t) across regions today, driven by market volatility and varying demand in the semi-finished steel segment. While buying interest remained weaker d-o-d in most regions, certain markets experienced a slight price increase due to nominal buying activity.

Market participants remain cautious, closely monitoring trends in finished steel for potential shifts in sentiment.

PDRI prices stood at INR 23,000-25,500/t, while CDRI offers were assessed at INR 25,550-30,200/t at the end of today's session.

Deals for about 6,800 t of sponge iron were recorded today, compared to 4,800 t on 17 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

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