India: Sponge iron prices rise INR 50-500/t d-o-d, buyers turn cautious - 28 Jan

• Sellers lift offers, driven by robust bookings yesterday
  
  
• Higher offers, price volatility lead to limited buying
  
  

India's sponge iron prices increased by INR 50-500/tonne (t) across key regions today, primarily supported by robust buying activity observed in yesterday's trading session. Bellary and Hyderabad regions witnessed the highest increase of INR 500/t d-o-d.

However, buying activity during today's trading session was limited, as d-o-d price fluctuations and higher offers led buyers to adopt a wait-and-watch approach, in expectation of market stability in the near term.

PDRI prices stood at INR 23,700-26,600/t, while CDRI offers were assessed at INR 26,050-30,400/t at the end of today's session.

Deals for about 6,300 t of sponge iron were recorded today, compared to 15,300 t on 27 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