India: Sponge iron prices rise amid moderate trading- 8 Nov'24

• Price rises amid moderate trades
  
  
• Buyers waited for price to stablise
  
  

Sponge iron prices in India rose by INR 200-700/tonne (t) across markets today.

PDRI prices closed at INR 25,600-27,500/t, while CDRI was at INR 27,800-32,200/t.

Sponge prices saw an uptick today due to rising steel prices. However, the sudden increase in offers made buyers wait for the market to stablise. Eventually, low-to-moderate transaction were recorded today.

Transactions of about 10,600 t of sponge iron were recorded in the country on 8 November 2024, compared to 25,300 t on 7 November.

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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative