India: Sponge iron prices see mixed trends d-o-d amid improved buying - 9 Jan

• Producers reduce offers to attract buyers
  
  
• Prices drop except in Raipur, Durgapur
  
  

India's sponge iron market experienced a mixed trend today, with prices declining by INR 50-300/tonne (t) d-o-d across most regions. However, slight hikes were observed in Durgapur and Raipur due to improved buying activity.

Market activity was volatile during the day. Lower spot offers during the second half of today's trading session prompted buyers to secure material, resulting in a slight improvement in trading volumes d-o-d.

PDRI prices stood at INR 23,000-25,800/t at the close of trading today, while CDRI offers were assessed at INR 25,650-30,500/t.

Deals for about 12,400 t of sponge iron were recorded today compared to 8,300 t on 8 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative