India: Sponge iron prices show downward trend - 23 Jun

Sponge iron prices in India today decreased by INR 50-250/tonne (t) across regions due to subdued market sentiments. However, prices in Ramgarh edged up by INR 100/t.

Due to weakness in the semi-finished and finished steel segments, demand was dull, which resulted in low transaction volumes today.

PDRI prices closed within a range of INR 21,300-25,500/t, while CDRI prices were assessed at INR 23,750-28,900/t.

Sponge iron transactions of approximately 5,300 t were recorded today, down from 14,650 t on 21 June.

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