- Transaction volume increases to about 11,900 t today
- Need-based buying seen following continuous price rise
Sponge iron prices in India rose INR 100-400/tonne (t) across markets today.
PDRI prices closed at INR 23,600-26,300/t, while CDRI was at INR 26,300-31,000/t.
Sponge prices saw an uptick on Monday. However, following a continuous rise in prices and bookings, buyers opted for need-based purchasing. A moderate transaction volume was recorded today.
Transactions for about 11,900 t of sponge iron were recorded in the country on 30 December, up significantly from 2,900 t on 27 December.
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
T1 – Trade, T2 – Offer/Bid/Indicative
Article From Bigmint
