India: Sponge iron prices show mixed trends - 28 Oct

The Indian sponge iron market showed mixed trends, with prices increasing in Raipur and Raigarh by INR 50-100/t but dropping by INR 50-300/t in other locations.

Buying activity remained subdued as buyers were hesitant due to previous bookings and the stability of the market, expecting it to fall further.

PDRI prices were assessed at INR 24,700-26,900/t and CDRI prices at INR 27,300-32,500/t.

Approximately 4,500 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 5,800 t on 28 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