- Improved buying activities result in price rise
- Positive sentiments in semis market support prices
Sponge iron prices in India increased today following positive sentiments in the semi-finished steel segment. Prices rose by INR 50-400/t today in almost all major regions, indicating a strong upward trend driven by positive market dynamics and buying activity. However, sponge iron prices in Jharsuguda showed a decline of INR 350/t d-o-d.
PDRI market prices closed at a range of INR 28,050-30,100/t and CDRI prices at INR 29,100-34,700/t.
South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal prices exw Gangavaram are assessed at INR 9,850/t ($117/t).
Buying improved in today’s trading session, with a significant surge in bookings seen especially in the central region (Raipur and Raigarh) which accounts for 41% of the total spot trade volumes.
About 25,550 t of sponge iron transactions were recorded in the country on Wednesday compared to 6,750 t on 16 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%.
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T1 – Trade, T2 – Offer/Bid/Indicative
