India: Sponge iron prices rise despite limited spot trading - 16 Nov

Indian sponge iron prices rose significantly on 16 November, 2023. Prices in some key regions increased by INR 50-200/t. However, due to higher spot market offers, buying activity and demand for sponge iron remained low.

Moreover, sponge iron prices in Rourkela and Bellary witnessed a drop as buyers resisted higher offers, which forced sellers to reduce their prices.

PDRI prices closed at a range of INR 26,600-28,800/t and CDRI prices at INR 28,650-33,300/t.

About 12,750 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 16,520 on 15 November.

The semi-finished and finished steel markets saw limited buying activity, resulting in a minor reduction in sponge iron transactions d-o-d.

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