India: Sponge iron prices rise on active buying - 30 Jan

India's sponge iron market witnessed a rise in prices today ranging from INR 50-200/t in all principal locations. This can be attributed to active spot trading coupled with buying interest.

PDRI market prices closed at a range of INR 25,400-27,350/t and CDRI prices at INR 26,650-31,500/t.

Active bookings were seen across regions, which led to a rise in daily spot trade volumes.

About 23,100 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 18,220 t on 29 January.

According to sources, the price rise was also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 100-500/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