India: Sponge iron prices rise on moderate trading - 31 Dec

Sponge iron prices in India rose INR 100-200/tonne (t) across markets today.

PDRI prices closed at INR 23,700-26,300/t, while CDRI was at INR 26,250-31,000/t.

On Tuesday, sponge prices increased. However, buyers choose to make need-based purchases as a result of the ongoing increases in prices and past bookings. Today, transaction volumes remained average.

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