India: Sponge iron prices drop, trades remain moderate - 16 Jan

Sponge iron prices in all key locations of India fell by INR 50-250/tonne (t) on 16 January, 2024.

PDRI market prices closed at a range of INR 25,300-27,200/t and CDRI prices, at INR 27,000-31,600/t.

Limited demand was seen at lower prices, resulting in a slight increase in trading activity on a d-o-d basis.

About 12,600 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 6,400 t on 15 January.

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 for detailed methodology

T1 – Trade, T2 – Offer/Bid/Indicative