- Robust bookings yesterday prompt price hike
- Limited transactions seen at today’s higher tags
India’s sponge iron prices increased by INR 50-200/tonne (t) d-o-d across key locations today.
PDRI prices were assessed at INR 24,100-27,000/t at the close of trading, while CDRI tags stood at INR 26,600-31,000/t.
Today, the market witnessed an uptrend, as robust bookings were recorded yesterday. This led suppliers to lift offers. However, an average transaction volume was recorded at today’s raised prices.
Transactions for approximately 6,100 t of sponge iron were recorded on Friday, compared to 10,500 t on 6 March.
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
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