- Bulk bookings witnessed across markets
- Billet prices rise INR 100-800/t d-o-d
India’s sponge iron market witnessed a rise in prices today in the range of INR 100-500/t in all principal locations amid rising steel prices followed by active spot trading.
PDRI prices stood at around INR 25,100-27,250/t at close of trading today while CDRI prices were at INR 26,800-31,300/t.
South African non-coking coal prices remained stable today. RB2 (5500 NAR) grade coal prices stood at INR 10,100/t ($121/t) exw Gangavaram.
Bulk bookings were seen across markets today which led to a significant rise in daily spot trade volumes.
About 28,610 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 8,800 t on 1 July.
According to sources, active bookings due to the recovery in semi-finished and finished steel prices led to an increase in sponge iron prices. Billet prices in key markets increased by INR 100-800/t today.
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
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