India: Sponge iron prices rise as trade volumes surge d-o-d - 5 Nov

Sponge iron prices in India increased by INR 100-800/tonne (t) across markets today. The price rise may primarily be attributed to a spate of bookings after the holidays amid rising steel prices, which have tended to support higher 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 bookings within this price range were reported even as spot sales were observed in various locations amid increasing offers.

On Tuesday, approximately 35,020 t of sponge iron transactions were recorded across the country, a significant increase from 10,300 t on 4 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 for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative