India: Sponge iron prices rise d-o-d in key locations - 19 Sep

Sponge iron prices in India rose by INR 100-600/tonne (t) d-o-d across key markets today.

PDRI market prices closed in the range of INR 24,100-25,900/t, and CDRI prices closed at INR 26,300-30,000/t.

The improvement in semi-finished prices has prompted sponge prices to increase. However, the volumes reported for today were moderate due to ample material being stocked yesterday despite the price increase.

About 11,300 t of sponge iron transactions were recorded in the country today compared to 23,000 t on 18 September.

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