- In Raigarh, sponge iron prices inch up
- Buying demand remains limited
Sponge iron prices in India saw a slight decline today, decreasing by INR 50 to 150/tonne (t) across different regions, influenced by negative market sentiments. However, in the Raigarh region, prices bucked the trend with a slight increase, which was attributed to varying local sentiments. Despite these fluctuations, there was no major impact on buying demand throughout the day.
Today, buying demand remained limited as participants had already secured sufficient bookings in yesterday’s trading session, on lower offerings.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,900/t ($118/t).
PDRI prices closed at a range of INR 27,900-29,150/t while CDRI prices were assessed at INR 29,200-35,000/t.
About 7,100 t of sponge iron deals were recorded in the country today compared to 40,850 t on 14 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
