- Sponge iron prices rise INR 450-1,050/t
- Spot transactions record a hike
- Billet prices increase by INR 500-1,550/t today
India’s sponge iron market witnessed a significant price rise, ranging between INR 450-1,050/tonne (t) across primary locations. This surge can be attributed to rising billet prices, especially in Mandi-Gobindgarh where prices rose by INR 1,550/t followed by robust momentum in spot trading coupled with heightened buying interest.
PDRI prices closed at INR 27,200-29,000/t and CDRI at INR 28,250-33,500/t.
South African RB2 coal prices remained stable today. RB2 (5500 NAR) exw Gangavaram stands at INR 9,400/t ($113/t).
The central region (Raipur and Raigarh) recorded over 9,000 t of sponge iron transactions today. Active bookings were witnessed from other regions as well.
About 27,650 t of sponge iron transactions were recorded on Friday compared to 22,870 t on 4 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
