India: Sponge iron prices rise on moderate trading - 26 Sep

Sponge iron prices in India rose INR 50-400/tonne (t) across markets today.

PDRI prices closed at INR 26,000-27,200/t, while CDRI was at INR 27,250-31,200/t.

Sponge prices saw an uptick on Thursday. However, due to the continuous rise in prices and bookings, buyers opted for need-based purchasing. An average number of transactions were recorded today.

Transactions of about 11,800 t of sponge iron were recorded in the country on 26 September 2024, compared to 24,800 t on 25 September.

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