Sponge iron prices dip in India; Raipur records over 9,000 t trade volumes today - 29 Jan

Sponge iron prices in some key locations in India decreased by INR 50-200/tonne (t) on 29 January, 2024. However, sponge iron prices in Jharsuguda and in the southern region rose slightly by INR 50-150/t.

PDRI market prices closed at a range of INR 25,300-27,300/t and CDRI prices, at INR 26,450-31,300/t.

Trading activity increased on improved demand at lower prices, especially in the central region (Raipur) which saw over 9,000 tonnes of transactions, followed by the eastern region.

About 18,220 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 15,510 t on 27 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