India: Sponge iron prices show mixed trend as market remains weak - 18 Oct

Sponge iron prices in India decreased today by INR 50-200/tonne (t) across regions due to weakened market sentiment. However, prices in the Raipur and Ramgarh regions edged up by INR 50-100/t.

Buying demand remained modest on Friday, impacted by sluggish movement in the semi-finished and finished steel segments, leading to further reductions in offers. The ongoing OMC auction also failed to lift prices.

PDRI prices closed within the range of INR 26,200-27,750/t, while CDRI prices were assessed at INR 29,400-33,500/t.

Approximately 4,150 t of sponge iron transactions were recorded today, down from 6,450 t on 17 October.

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