- South African RB2 prices remain stable
- Market sees 7,300 t of sponge iron transactions
Sponge iron prices declined today by INR 200-550/t across various locations.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,650/t ($115/t).
PDRI prices closed at a range of INR 24,000-26,500/t while CDRI prices were assessed at INR 25,800-30,000/t.
Sponge prices slowed due to constant selling pressure and weakening market sentiment. Despite the considerable price fall, buying activity remained modest as purchasers remained cautious, anticipating future market declines and looking for stability.
About 7,300 tonnes (t) of sponge iron transactions were recorded today compared to 5,560 t on 19 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
Leave a Reply