India: Sponge iron prices drop d-o-d amid modest buying - 29 May

• Semis, finished tags fall on weak demand
  
  
• Transaction volumes edge down d-o-d
  
  

Indian sponge iron prices dropped INR 100-300/t d-o-d today in all major locations amid modest buying. Sponge iron prices fell, as semi-finished and finished steel prices weakened due to soft end-user demand.

PDRI prices were assessed at INR 23,350-25,700/t and CDRI tags at INR 24,700-29,800/t.

Transactions for only 7,000 t of sponge iron were recorded today compared to 9,600 t on 28 May.

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