India: Sponge iron prices rise on moderate trading - 5 Dec

Sponge iron prices in India rose by INR 200-500/tonne (t) d-o-d across markets today, with moderate trading observed.

PDRI prices closed at INR 23,500-26,500/t, while CDRI was at INR 26,300-30,700/t.

Due to the price increase, market players today engaged in need-based procurement. As a result, an average volume of transactions was noted during the day.

Transactions of about 8,200 t of sponge iron were seen in the country on 6 November, compared to 6,500 t on 4 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%.

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T1 - Trade, T2 - Offer/Bid/Indicative