India: Sponge iron prices show mixed trend amid improved buying - 22 Feb

Sponge iron prices in India witnessed an overall decrease of INR 50-200/t in major regions, despite an upward trend in the semi-finished steel segment in the later half of the trading session on 22 February, 2024.

However, there were exceptions in regions like Rourkela, Durgapur, and Raigarh, where a marginal increase of INR 50/t was noticed throughout the day.

PDRI market prices closed at a range of INR 24,650-27,300/t and CDRI prices, at INR 26,100-31,000/t.

Spot buying activity increased on lower offers which resulted in a rise in spot trade volumes on a d-o-d basis.

About 15,250 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 6,000 t on 21 February.

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 for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative