India: Sponge iron prices rise on moderate buying - 30 Dec

• Transaction volume increases to about 11,900 t today
  
  
• Need-based buying seen following continuous price rise
  
  

Sponge iron prices in India rose INR 100-400/tonne (t) across markets today.

PDRI prices closed at INR 23,600-26,300/t, while CDRI was at INR 26,300-31,000/t.

Sponge prices saw an uptick on Monday. However, following a continuous rise in prices and bookings, buyers opted for need-based purchasing. A moderate transaction volume was recorded today.

Transactions for about 11,900 t of sponge iron were recorded in the country on 30 December, up significantly from 2,900 t on 27 December.

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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative