Sponge iron prices in India increased by INR 300-850/tonne (t) today across locations owing to the rise in semi-finished and finished steel prices.
However, moderate trading activity was witnessed, as purchasers remained cautious and waited for prices to stabilise.
PDRI prices closed at a range of INR 24,900-27,200/t while CDRI prices were assessed at INR 26,800-30,600/t.
South African RB2 (5500 NAR) coal prices inched down today and settled at INR 9,800/t ($117/t) ex-Gangavaram.
About 11,000 t of sponge iron deals were concluded today against to 10,400 t on 12 July.
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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