India: Sponge iron prices rise d-o-d on active bookings - 23 Sep

Sponge iron prices in India rose by INR 100-550/tonne (t) across various markets today. The price increase is primarily due to limited material availability, leading to a supply-demand imbalance and boosting market sentiment.

PDRI market prices closed within the range of INR 25,100-26,200/t, while CDRI prices ranged from INR 26,750-30,500/t. Spot purchases were observed across regions, driven by a spike in offers, with material bookings recorded within this price range. As a result, transaction volumes increased d-o-d.

On Monday, approximately 33,900 t of sponge iron transactions were recorded across the country, a significant rise from 26,700 t on 20 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