India: Sponge iron prices show mixed trend amid muted buying - 28 Nov

Indian sponge iron prices declined by INR 50-100/tonne (t) across major locations today. However, Durgapur, Ramgarh and Jharsuguda showed an uptrend in the range of 50-200/t.

PDRI prices closed within the range of INR 23,200-26,200/t, while CDRI settled at INR 25,750-30,800/t.

Buyer caution persisted in an unstable market, which led to a drop in sponge iron prices. Because market participants were cautious, they refrained from making larger commitments, which resulted in lower buying activity.

Approximately 6,900 t of sponge iron transactions were recorded in the country on Thursday compared to 12,700 t on 27 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 for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative