India: Sponge iron prices show mixed trends amid improved buying - 7 Nov

Today, sponge iron prices exhibited a mixed trend across India. In many regions, prices were mostly stable to slightly lower by about INR 100/t, while other regions saw a marginal increase ranging from INR 50 to INR 400/t d-o-d.

This variation stemmed from moderate buyer interest at higher prices and persistent weak demand in the finished steel segment, which kept overall market sentiments mostly range-bound.

Notably, Durgapur, Raipur, and Ramgarh showed a significant rise in buying activity. The upward trend in market sentiment in these regions bolstered buyer interest, contributing to more active trading and support for slightly higher price levels.

PDRI prices closed at INR 25,000-27,100/t, while CDRI was at INR 27,500-32,000/t in various regions.

Deals of about 25,300 t of sponge iron were recorded today compared to 8,200 t on 6 November.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative