India: Sponge iron prices rise d-o-d on active bookings - 3 Oct

Sponge iron prices in India increased by INR 150-600/tonne (t) across various markets today. The price rise is primarily attributed to limited material availability and rising steel prices, which have supported higher offers.

PDRI market prices closed within the range of INR 27,300-28,650/t, while CDRI prices ranged from INR 28,500-32,500/t.

Spot purchases were noted across different areas, driven by increased offers, with considerable bookings reported within this price range. As a result, transaction volumes rose steadily.

On Thursday, approximately 33,900 t of sponge iron transactions were recorded across the country, a significant increase from 5,450 t on 1 October.

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