India: Sponge iron prices vary across markets amid limited buying - 18 Oct

Sponge iron prices remained volatile today despite a positive trend seen in morning trading, which did not match buyers' expectations. Prices in several key locations increased by INR 50-200/t. However, prices declined in the southern and northern regions by INR 100-300/t d-o-d.

PDRI prices were assessed at INR 27,200-29,150/t. On the other hand, CDRI prices were at INR 29,500-34,600/t.

About 9,650 t of sponge iron transactions were recorded on Wednesday compared to 9,450 t on 17 October.

Overall sentiment remained volatile today, although deals happened at a consistent pace in some markets.

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