- Sponge iron prices drop INR 100-800/t today
- Billet prices decline by INR 100-500/t today
- Trade volumes drop d-o-d
Sponge iron prices in all key domestic markets dropped in the range of INR 100-800/tonne (t) on 16 April, 2024 due to soft steel demand.
PDRI market prices closed at a range of INR 28,000-30,000/t and CDRI prices, at INR 29,000-34,600/t.
South African RB2 prices remained stable today. Non Coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,850/t ($118/t).
Market participants are cautious about price movements and hence; limited spot transactions were seen today which led to a decline in both offers and bids.
Only 6,750 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 32,620 t on 15 April.
A decline in billet prices by INR 100-500/t was also one of the reasons behind the drop in sponge iron prices.
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
