Indian sponge iron prices dropped by INR 50-350/tonne (t) today across all major locations. This decline followed lower pricing for semi-finished and finished steel due to weak market demand.
PDRI market prices were reported in the range of INR 23,700-26,700/t, while CDRI prices were between INR 26,000-30,000/t.
South African RB2 prices remained stable, with non-coking RB2 (5500 NAR) exw Gangavaram priced at INR 9,650/t ($114/t).
The market displayed subdued demand on Thursday, as reflected in the daily spot transaction volumes. Only 6,300 t of sponge iron were transacted in the country, down from 8,000 t on 21 August.
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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