India: Sponge iron prices rise d-o-d; trade volumes drop - 18 Dec

• Rising steel tags support higher sponge iron offers
  
  
• Significant bookings recorded, despite d-o-d drop
  
  

Sponge iron prices in India increased by INR 100-300/tonne (t) d-o-d across markets today. Sponge iron tags climbed up amid rising steel prices, which generally tend to support higher offers. However, bookings declined at elevated offers.

PDRI prices closed within the range of INR 25,000-26,600/t, while CDRI tags were assessed at INR 27,300-31,600/t. Significant bookings within this price range were reported, although there was a decline d-o-d.

On Wednesday, transactions of approximately 14,600 t of sponge iron were recorded across the country, a significant decrease from 21,000 t on 17 December.

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