India: Sponge iron prices rise d-o-d on active bookings - 21 Nov

• OMC's auction drives positive sentiments
  
  
• Transaction volume surges sharply d-o-d
  
  

Sponge iron prices in India increased by INR 100-500/tonne (t) across various markets today.

PDRI market prices closed at INR 24,100-26,400/t, while CDRI tags stood at INR 26,750-31,500/t.

Today, sponge iron prices moved upward, as positive sentiments floated after OMC's iron ore auction. Increased inquiries were heard in the market, supported by active bookings at a higher price range. As a result, transaction volumes rose steadily.

On Thursday, sponge iron transactions of approximately 24,350 t were recorded across the country, a significant increase from 6,650 t on 20 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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative