India: Sponge iron prices show mixed trends - 17 Dec

Indian sponge iron prices showed mixed trends, with prices increasing in Bellary, Raipur, Hyderabad and Chennai by INR 100-400/t today. Meanwhile, sponge iron prices in other locations dropped INR 50-250/t.

Today, improvement in buying activity was seen due to positive outlook in markets in northern and eastern India and active trades were seen throughout the day.

PDRI prices closed at INR 23,600-26,500/t and CDRI prices at INR 26,200-30,700/t.

Approximately 21,000 t of sponge iron transactions were recorded in the country on Tuesday compared to 18,450 t on 16 December.

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