India: Sponge iron prices show mixed trends amid price volatility - 12 Jan

Sponge iron prices in some key locations of India rose by INR 50-100/tonne (t) on 12 January, 2024. However, sponge iron prices in the southern region, Raipur, Rourkela and Jharsuguda markets fell by INR 100-300/t.

PDRI market prices closed at a range of INR 25,500-27,300/t and CDRI prices, at INR 27,100-31,800/t.

Demand was seen at current price levels, resulting in an increase in trading activity, especially in the southern region (Bellary), followed by the central region (Raipur) which witnessed increased trading today.

About 21,270 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 12,960 t on 11 January.

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