India: Sponge iron prices rise d-o-d on active bookings - 20 Sep'24

Sponge iron prices in India rose INR 100-300/tonne (t) d-o-d across markets today, with robust trading observed.

PDRI prices closed at INR 24,400-25,900/t, while CDRI prices stood at INR 26,400-30,200/t.

Sponge iron prices rose in response to rising commodity prices. Transaction volumes have increased significantly as a result of the active engagement seen in the market today.

Transactions of about 26,700 t of sponge iron were recorded in the country, compared to 11,300 t on 19 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%.

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T1 - Trade, T2 - Offer/Bid/Indicative