- Central region holds 50% of total trade volumes
- Spot trade volumes rise d-o-d on lower offers
Sponge iron prices in almost all key locations in India decreased by INR 100-450/tonne (t) on 14 May, 2024. However, sponge iron prices only in Raipur rose slightly by INR 50/t.
PDRI market prices closed at a range of INR 27,800-29,250/t and CDRI prices, at INR 29,200-35,000/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,900/t ($118/t).
Trading activity increased on improved demand at lower prices, especially in the central region (Raipur and Raigarh) which saw over 20,000 tonnes of transactions which holds 50% of the total trade volumes today, which was then followed by the eastern region.
About 40,850 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 6,000 t on 13 May.
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
