India: Sponge iron prices show varying trends amid improved buying - 13 Jan

• Prices decline in Rourkela, Bellary, Hyderabad
  
  
• Slow movement in finished steel prompts caution
  
  

The Indian sponge iron market exhibited mixed trends today. Prices decreased by INR 50-100/tonne (t) d-o-d in Rourkela, Bellary, and Hyderabad, while other locations saw an increase of INR 50-100/t d-o-d.

Sponge iron prices remained at moderate levels, with bookings recorded within this range. Buyers exercised caution, unwilling to purchase material at higher prices, largely due to the slow movement in the finished steel market.

PDRI prices were assessed at INR 23,000-25,700/t and CDRI at INR 25,600-30,300/t at the close of today's session.

Transactions for approximately 14,400 t of sponge iron were recorded in the country on 13 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as 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