India: Sponge iron prices witness slight decline despite improved buying - 29 Apr

• Sponge iron prices decline by INR 50-450/t today
  
  
• Buying activities improve on lower offers
  
  

Sponge iron prices in India experienced a significant drop in the range of INR 50-450/t due to negative market sentiments prevailing across regions. Despite the initial downturn, there was a notable improvement in buying activity in the second half of the trading session today, as per BigMint assessment.

This rise in prices was spurred by market fluctuations which encouraged participants to engage more actively, leading to higher booking volumes compared to the previous trading session.

PDRI prices closed at a range of INR 27,050-28,400/t while CDRI prices were assessed at INR 28,300-34,600/t.

About 18,150 tonne (t) of sponge iron deals were recorded in the country today compared to 13,150 t on 26 April.

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