India: Sponge iron prices rise on active buying - 26 Oct

India's sponge iron market witnessed a rise in prices today ranging from INR 50-300/t in some principal locations. This can be attributed to active spot trading coupled with buying interest. Sponge iron prices in Jharkhand's Ramgarh, however, dropped INR 50/t d-o-d.

About 19,050 tonnes (t) of transactions were recorded on Thursday across the country as against 21,500 t recorded on 25 October.

PDRI prices were assessed at INR 26,400-29,100/t and CDRI at INR 29,000-33,700/t.

According to sources, the price rise is also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 50-400/t in key markets 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