- Semis, finished steel segments see active bookings
- Sponge iron suppliers lift offers on higher demand
India’s sponge iron prices climbed up by INR 150-600/tonne (t) across regions.
Procurement of sponge iron increased amid an improvement in buying activity in the semi-finished and finished steel segments. Sponge iron suppliers lifted offers amid higher demand for the material.
PDRI prices stood at INR 23,600-26,100/t today, while CDRI tags were assessed at INR 26,000-30,400/t at the close of today’s session.
Deals for about 15,300 t of sponge iron were recorded today compared to 9,900 t on 24 January.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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