India: Sponge iron prices fall d-o-d on increased buying - 19 Feb

• Transaction volumes increased d-o-d to 17,700 t
  
  

Indian sponge iron prices declined by INR 100-650/tonne (t) d-o-d across major locations today.

PDRI prices closed at INR 23,500-26,200/t, while CDRI settled at INR 25,700-30,500/t.

Today, the market witnessed a downtrend and suppliers reduced their offers as buyers procured material at these levels. A moderate volume of transactions was recorded, indicating need-based buying at lower levels.

Sponge iron transactions of approximately 17,700 t were recorded today, significantly up from 9,600 t on 18 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 here for detailed methodology