India: Sponge iron prices show downtrend as market remains weak - 18 Nov

• Subdued demand triggers offer reductions
  
  
• Raigarh, Rourkela buck trend, see slight rise
  
  

Sponge iron prices in India today decreased by INR 50-200/tonne (t) across regions due to subdued market sentiments. However, prices in the Raigarh and Rourkela markets edged up by INR 50/t.

Due to weakness in the semi-finished and finished steel segments, demand was dull, which resulted in offer reductions.

PDRI prices closed within the range of INR 23,800-26,600/t, while CDRI prices were assessed at INR 26,700-31,200/t.

Sponge iron transactions of approximately 3,100 t were recorded today, down from 3,700 t on 15 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%.

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T1 - Trade, T2 - Offer/Bid/Indicative