Sponge iron prices in India rose by INR 50-250/tonne (t) across markets today. Prices continued to rise on increasing steel prices.
PDRI market prices closed at the range of INR 24,200-26,500/t and CDRI prices at INR 26,000-30,000/t.
South African non-coking RB2 (5500 NAR) coal prices remained firm at INR 9,650/t ($115/t) exw Gangavaram.
As prices increased, volumes of transaction also improved d-o-d. However, buyers are still waiting for further stability in prices.
About 11,800 t of sponge iron transactions were recorded in the country on Tuesday compared to 7,300 t on 22 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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