India: Sponge iron prices show mixed trends; market remains weak - 7 Jan

Sponge iron prices in India decreased today by INR 50-400/tonne (t) across regions due to weakened market sentiment. However, prices in Raigarh and Durgapur edged up by INR 50-100/t.

Buying demand remained modest on Tuesday, impacted by sluggish movement in the semi-finished and finished steel segments, leading to further reductions in offers. However, offers went up in the first half but dropped again due to dull response in the market.

PDRI prices closed in the range of INR 23,200-26,000/t, while CDRI prices were assessed at INR 25,800-30,800/t.

Approximately 6,600 t of sponge iron transactions were recorded today, down from 8,400 t on 6 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