Indian sponge iron prices dropped by INR 100-500/tonne (t) in almost all major locations today.
Sponge iron prices declined due to a downtrend in semi-finished and finished steel, resulting in low demand and limited trading throughout the day. PDRI prices closed at INR 23,400-26,600/t while CDRI was assessed at INR 26,000-30,000/t.
South African RB2 (5500 NAR) coal prices remained stable on Friday at INR 9,650/t ($114/t) ex-Gangavaram.
Only 4,500 t of sponge iron transactions were recorded in the country compared to 6,300 t on 22 August.
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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