India: Sponge iron prices rise by INR 100-400/t d-o-d - 31 Mar

• Improved demand supports offers
  
  
• Trade volumes increase d-o-d
  
  

India's sponge iron prices increased by INR 100-400/tonne (t) across regions today, supported by improved demand.

Sponge iron prices increased amid market optimism, primarily driven by robust buying activity throughout the day. Strong market sentiments and rising spot prices encouraged participants to conclude bookings ahead of the financial year-end.

P-DRI prices stood at INR 24,900-27,200/t, while CDRI offers were assessed at INR 27,700-32,100/t at the end of today's session.

Approximately 23,200 t deals in sponge iron were recorded today compared to 9,100 t on 28 March.

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 as T2 and given a weightage of the balance 50%.

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