- Spot trade volumes remain moderate
Sponge iron prices in all key domestic markets dropped in the range of INR 50-250/tonne (t) due to falling steel prices.
PDRI market prices closed at a range of INR 25,050-27,100/t and CDRI prices, at INR 26,400-30,900/t.
South African RB2 prices increased by INR 100/t today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,400/t ($113/t).
Limited spot transactions were seen today except in the central region (Raipur and Raigarh) which witnessed active bookings throughout the day and that too on lower prices. This led to a decline in both offers and bids thereby exerting pressure on suppliers across regions.
About 14,675 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 15,180 t on 13 March.
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
