India: Sponge iron prices rise as trade volumes surge - 16 Dec

Sponge iron prices in India increased by INR 100-800/tonne (t) across markets today.

The price increase may be attributed to a spike in bookings due to low steel prices, which have a tendency to encourage greater offers.

PDRI prices closed within the range of INR 25,000-26,600/t, while CDRI prices were assessed at INR 27,300-31,600/t.

Significant buying was made in this price range despite the fact that spot sales were being seen in several places as offers increased.

On Monday, approximately 18,450 t of sponge iron transactions were recorded across the country, a significant increase from 12,450 t on 13 December.

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