India: Sponge iron prices rise INR 50-250/t amid slow buying - 1 Jan

• Low-to-moderate buying seen at varying offers
  
  
• Weak demand for finished steel persists
  
  

India's sponge iron offers decreased by INR 50-250/t (d-o-d) across regions due to market volatility and the holiday mode kept buying activity largely subdued.

Despite this, some regions experienced minor buying activity driven by varying local market sentiments. The slow demand in the finished steel segment further limited interest in sponge iron procurement, contributing to a cautious market sentiment.

PDRI prices are at INR 23,600-26,300/t in today's trading session, while CDRI offers have been assessed at INR 26,200-31,000/t.

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%.

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