- Bulk bookings seen across key markets
- Billet prices rise by INR 100-600/t today
India’s sponge iron market witnessed a rise in prices today ranging from INR 200-500/t in all principal locations. This can be attributed to rising steel prices followed by active spot trading coupled with buying interest.
PDRI market prices closed at a range of INR 28,000-29,450/t and CDRI prices, at INR 29,400-35,200/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,900/t ($118/t).
Bulk bookings were seen across regions today, which led to a significant rise in daily spot trade volumes d-o-d. As per BigMint data, the central region holds 37% out of the total trade volumes reported today.
About 30,370 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 7,100 t on 15 May.
According to sources, active bookings coming from semi-finished and finished steel prices also led to a rise in sponge iron prices. Billet prices in key areas increased by INR 100-600/t today.
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%.
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T1 – Trade, T2 – Offer/Bid/Indicative
