- Demand remains limited on higher offers
- Spot trade volumes drop due to need-based bookings
Indian sponge iron prices edged up today by INR 100-200/t in almost all major locations. However, demand remained limited on higher offers. Sponge iron prices in Raigarh and Mandi Gobindgarh on the other hand, fell slightly by INR 50-100/t.
PDRI market prices closed at a range of INR 29,000-30,250/t and CDRI prices, at INR 30,150-35,900/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,900/t ($118/t).
Limited trading activity was reported, as buyers had already placed enough orders in the beginning of this week and were cautious to book material at higher offers. So, they came forward for only need-based bookings.
Only 5,360 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 7,900 t on 7 May.
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
