India: Sponge iron prices rise d-o-d; trade volumes remain steady - 18 Mar

• Suppliers raise offers on rise in bookings
  
  
• Moderate trades take place at higher offers
  
  

Sponge iron prices in India increased by INR 100-450/tonne (t) d-o-d across markets today. Only Hyderabad witnessed a drop of INR 100/t.

A post-holiday bump in bookings led to increased optimism among suppliers, who lifted offers d-o-d. Additionally, a moderate volume of spot trades took place at these higher offers. This kept market sentiment bullish.

PDRI prices closed within the range of INR 24,100-27,000/t, while CDRI tags were assessed at INR 26,550-31,200/t.

On Tuesday, approximately 12,220 t of sponge iron transactions were recorded across the country, a slight rise from 12,000 t on 17 March.