- Buyers wary, unwilling to procure material
- Despite slow trades, market remains stable
Indian sponge iron prices showed mixed trends today, with tags rising by INR 100-350/tonne (t) d-o-d in certain markets but declining by INR 100-150/t in other regions.
The drop in sponge iron prices was driven by slow demand. Buyers were unwilling to procure material and preferred to wait for further market corrections. However, despite sluggish buying, the market was largely stable, marked by limited price movements.
PDRI prices were assessed at around INR 23,700-26,400/t at the close of trading, while CDRI tags stood at INR 26,550-31,500/t.
Transactions for only 7,300 t of sponge iron were recorded in the country today, compared to 9,600 t on 17 February.
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 here for detailed methodology
Article From Bigmint
