India: Sponge iron prices rise on increasing steel prices - 17 Feb

Sponge iron prices in India rose by INR 50-500/t across key locations today. Prices continued to rise on increasing steel prices followed by improved demand.

PDRI market prices closed at a range of INR 24,800-27,150/t and CDRI prices at INR 25,800-31,000/t.

Sources informed BigMint that spot purchase enquiries were active through the day, nudging producers to float offers at higher levels.

About 21,800 tonnes (t) of sponge iron transactions were recorded in the country on Saturday compared to 13,050 t on 16 February.

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