- South African RB2 prices remain stable today
- Spot purchase enquiries active throughout the day
Sponge iron prices in India rose by INR 200-700/t across key locations today. Prices continued to rise on increasing steel prices followed by improved demand.
PDRI market prices closed at a range of INR 26,250-27,750/t and CDRI prices, at INR 27,300-32,000/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,400/t ($112/t).
Sources informed BigMint that spot purchase enquiries were active throughout the day, nudging producers to float offers at higher levels.
About 23,960 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 37,440 t on 1 April.
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
