- Market witnesses limited transactions
- South African RB2 prices remain stable
Indian sponge iron prices dropped by INR 100-600/t today in all major locations. Sponge iron prices fell due to the downtrend in the semi-finished and finished long steel segments which led to weak demand throughout the day.
PDRI market prices closed at a range of INR 27,300-29,100/t and CDRI prices, at INR 29,800-35,200/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,000/t ($120/t).
Owing to weak market sentiments amid election results, very limited trading activity was reported today.
About 2,700 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 4,640 t on 3 June.
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
