Sponge iron prices witnessed a steady decline today, dropping by INR 50-400/tonne (t) across locations amid selling pressure and weakening market sentiments.
Buyers remained cautious due to the lacklustre demand for semi-finished and finished products, which led to a low level of purchasing activity. In central India, however, trade volumes stood steady as of due to sharply declining offers.
PDRI prices were assessed at around INR 23,700-26,350/t at close of trading today, while CDRI prices were at INR 25,800-30,400/t.
Approximately 7,300 t of sponge iron transactions were recorded in the country today compared to 9,000 t on 14 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 for detailed methodology
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