Sponge iron prices in India dropped by INR 100-550/tonne (t) across various regions today, driven by weakened market sentiment.
With slow activity in the semi-finished and finished steel segments, buying demand remained low on Wednesday, leading to further reductions in offer prices. South African RB2 prices remained stable, with non-coking RB2 (5500 NAR) priced at INR 9,500/t ex-works Gangavaram.
PDRI prices ranged between INR 27,000-28,500/t, while CDRI prices were assessed at INR 28,800-33,500/t. Approximately 5,100 t of sponge iron transactions were recorded, down from 7,300 t on 11 September.
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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