Indian sponge iron prices edged down by INR 50-250/tonne (t) today in major locations. Sponge iron prices showed downward movement as participants remained muted in a volatile market.
PDRI market prices closed at a range of INR 23,800-26,500/t while CDRI prices closed at INR 26,000-30,000/t.
South African RB2 prices remained stable today. On the other hand, non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,650/t ($115/t).
Buyers stayed cautious as the market moved downwards. However, transaction volumes remained moderate.
Only 7,400 t of sponge iron transactions were recorded in the country on Thursday compared to 4,600 t on 31 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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