- Sponge iron prices drop INR 100-450/t d-o-d
- Limited spot transactions reported today
Sponge iron prices in all key domestic markets dropped in the range of INR 100-450/tonne (t) due to falling steel prices.
PDRI market prices closed at a range of INR 26,750-28,550/t and CDRI prices, at INR 27,750-33,200/t.
South African RB2 prices remained stable today. Non Coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,400/t ($112/t).
Limited spot transactions were seen today and that too on lower prices. This led to a decline in both offers and bids thereby exerting pressure on suppliers across regions. Furthermore, billet prices have also been reduced by INR 100-550/t today.
Only 8,350 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 15,650 t on 11 April.
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
