India: Sponge iron prices rise on moderate trading - 6 Nov

• Market sees need-based purchases
  
  
• Transaction volumes decline d-o-d
  
  

Sponge iron prices in India rose INR 50-500/tonne (t) d-o-d across markets today, with moderate trading observed.

PDRI prices closed at INR 25,100-27,100/t, while CDRI was at INR 27,300-31,800/t.

Today, market participants conducted need-based procurement because of the increase in price and bookings yesterday. Consequently, an average number of transactions were recorded throughout the day.

Transactions of about 8,200 t of sponge iron were seen in the country on 6 November, compared to 35,020 t on 5 November.

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