India: Sponge iron prices show mixed trends - 16 Oct

Indian sponge iron prices showed mixed trends today. Prices rose by INR 100-300/t in all locations, except for Rourkela, Bellary, and Mandi, where they fell by INR 100/t.

Trade was moderate, as buyers remained silent in a dull market. An average number of transactions were recorded.

PDRI market prices closed within the range of INR 26,600-28,100/t, while CDRI prices were at INR 28,200-33,800/t.

Transactions of approximately 6,000 t of sponge iron were recorded across the country on Wednesday, compared to 6,100 t on 15 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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative