- Buying interest remains limited
- Suppliers in various regions reduce offers
Sponge iron prices fell by INR 100-200/tonne (t) in all key locations across India on 29 March, 2024 on limited buying interest.
PDRI market prices closed at a range of INR 25,800-26,700/t and CDRI prices, at INR 26,850-31,300/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) prices exw Gangavaram stand at INR 9,400/t ($113/t).
Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.
About 9,500 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 11,400 t on 28 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
