- Buying activity remains moderate
- Trade volumes fall by 12% d-o-d
Sponge iron prices in India witnessed an overall increase of INR 50-150/t in major regions, driven by an upward trend in the semi-finished segment in the first half of the trading session on 13 March, 2024.
However, there were exceptions in regions like southern, and Jharsuguda from the eastern region, where a marginal decline of INR 100/t was noticed today.
PDRI market prices closed at a range of INR 25,200-27,200/t and CDRI prices, at INR 26,550-30,900/t.
South African RB2 prices increased by INR 100/t today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,400/t ($113/t).
On a d-o-d basis spot trade volumes fell by 12%, with trading activity remaining moderate across regions.
About 15,180 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 17,200 t on 12 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
