India: Sponge iron prices rise further on higher offers - 6 Oct

Sponge iron prices in India rose today in the range of INR 100-700/tonne (t) in key locations, with suppliers quoting higher offers.

PDRI prices were assessed at INR 29,400-30,750/t and CDRI prices at INR 30,900-36,000/t.

About 10,660 tonnes (t) of sponge iron transactions were recorded on Friday compared to 27,120 t on 5 October.

Producers were forced to raise their offers amid rising steel prices in the Punjab market. However, only moderate trading activity was seen today.

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