India: Sponge iron prices rise INR 100-150/t d-o-d despite limited buying - 14 Jan

• Modest buying activity seen amid higher offers
  
  
• Market activity remains slow due to holiday
  
  

India's sponge iron market saw an upward movement in offers today, with prices increasing by INR 100-150/t d-o-d across locations, aligning with an overall positive market trend.

However, buying activity in the semi-finished steel segment remained limited, as Makar Sankranti and Pongal festivals were observed throughout the country, leading to a slowdown in trading activity.

PDRI prices stood at INR 23,000-25,800/t today, while CDRI offers were assessed at INR 25,800-30,300/t at the close of today's session.

Deals for about 8,900 t of sponge iron were recorded today compared to 14,400 t on 13 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology