India: Sponge iron prices rise again on active buying - 30 Sep'24

Sponge iron prices in India continued their upward trend, increasing by INR 300-1,100/tonne (t) across markets today.

The uptrend in sponge iron prices was primarily due to active trades, driven by the positive outlook in the steel segment.

PDRI closed at INR 26,800-27,700/t, while CDRI prices were in the range of INR 28,250-31,700/t.

Additionally, raw material shortages for sponge iron contributed to the price increase. Spot purchases were observed across the country, leading to an overall d-o-d improvement in transactions.

Approximately 30,220 t of sponge iron were transacted nationwide, a significant rise from 6,900 t on 27 September.

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 of 50%.

Click here for detailed methodology.

T1 - Trade, T2 - Offer/Bid/Indicative