India: Sponge iron prices rise by INR 100-350/t d-o-d - 12 Dec
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- Market improves amid robust bookings yesterday
- But average trades recorded at raised prices today
India's sponge iron prices increased by INR 100-350/tonne (t) d-o-d across key locations today.
PDRI prices were assessed at INR 23,400-26,400/t at the close of trading, while CDRI tags stood at INR 25,850-30,500/t.
Today, the market showed an uptrend, as robust bookings were recorded yesterday. This led to a lift in offers from suppliers. However, an average number of transactions were recorded at today's raised prices.
Transactions of approximately 6,520 t of sponge iron were recorded on Thursday, compared to 23,200 t on 11 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%.
T1 - Trade, T2 - Offer/Bid/Indicative
