- Sponge iron prices fall by INR 100-700/t today
- Buying activity seen in lower offers
- Trade volumes rose by 25% d-o-d
Sponge iron prices in India fell by INR 100-700/t on 12 March, 2024. However, sponge iron prices in Raigarh and Jharsuguda markets reported a rise by INR 100-250/t.
PDRI market prices closed at a range of INR 25,150-27,300/t and CDRI prices, at INR 26,500-30,900/t.
South African RB2 prices remained stable today. Non Coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,300/t ($112/t).
Trading activity increased on lower offers, especially in the central and eastern regions. Reporting a rise in total trade volumes by 25% d-o-d.
About 17,200 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 13,780 t on 11 March.
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
