- Bulk bookings in central region
- Trade volumes rise by 14% on a d-o-d basis
India’s sponge iron market witnessed a rise in prices today ranging from INR 100-600/t in all major locations. This can be attributed to active spot trading coupled with buying interest and rising steel prices.
PDRI market prices closed at a range of INR 26,750-28,750/t and CDRI prices at INR 27,800-33,000/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,400/t ($112/t).
Bulk bookings were seen especially in the central region today, which led to a rise in daily spot trade volumes by 14% on a d-o-d basis.
About 22,870 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 20,100 t on 3 April.
Billet prices increased by INR 100-700/t in key markets 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
