India: Sponge iron prices rise on active trades - 4 Mar

India's sponge iron market witnessed a rise in prices today ranging from INR 100-350/t in almost all major locations. This can be attributed to active spot trading coupled with buying interest. However, sponge PDRI prices in Bellary dropped a marginal INR 50/t.

PDRI market prices closed at a range of INR 25,000-27,450/t and CDRI prices at INR 26,450-31,000/t.

Bulk bookings were seen, especially from central and eastern India which led to a rise in daily spot trade volumes.

About 21,350 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 6,000 t on 2 March.

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 100-300/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