- Improved buying surfaces
- Spot trade volumes rise d-o-d
Sponge iron prices in India moved up by INR 100-450/tonne (t) d-o-d in major markets today on improved buying from participants.
PDRI market prices closed at a range of INR 26,750-28,800/t and CDRI prices, at INR 27,750-33,400/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,400/t ($113/t).
This upward movement in prices reflects supportive buying, as buyers have been active in booking material in response to rising offers. Consequently, there was a slight rise in trading volumes today compared with yesterday.
About 15,650 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 11,100 t on 10 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
