India: Sponge iron prices rise despite average trade market sentiments - 6 Feb

Sponge iron prices in India rose in the range of INR 50-500/tonne (t) across markets today.

Pellet-based sponge iron (PDRI) prices were assessed at INR 23,800-26,000/t at close of trading today, while iron ore lump-based material (CDRI) stood at INR 25,700-30,400/t.

Prices of sponge iron moved up on Thursday, but because of constant price hikes and previous bookings purchasers decided to engage in only need-based transactions. Transaction volumes today stayed at an average level, as per BigMint assessment.

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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