Indian sponge iron prices edged down by INR 100-300/t today in all major locations. Sponge iron prices fell due to downward sentiments in semi-finished and finished long steel which led to dull demand throughout the day.
PDRI market prices closed at a range of INR 23,800-26,500/t and CDRI prices, at INR 26,000-30,000/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,650/t ($115/t).
Owing to weak market sentiments very limited trading activity was reported today.
Only 5,350 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 11,800 t on 23 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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