India: Sponge iron prices showed mix trend- 6 Dec
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- Price rise leads to fewer enquiries, sales
- Buyers become cautious, wait and watch
India's sponge iron prices increased by INR 50-600/tonne (t) across key locations on 6 December. While Raipur, Mandi Gobindgarh and Chennai sponge prices showed downtrend by INR 50-200/t.
PDRI prices were assessed at INR 23,500-26,400/t at close of trading, while CDRI prices stood at INR 26,350-30,600/t.
All regions saw lower bookings. Fewer enquiries were received today as prices continued to rise, leading to buyer hesitation and lower sales today.
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%.
