India: Sponge iron market remains volatile amid limited trade - 8 Oct

Sponge iron prices in India showed mixed trends today, rising by INR 50-300/tonne (t) across regions amid volatile market conditions. However, prices decreased by INR 50-500/t in Jharsuguda and Raipur. Demand for sponge iron remained low despite these swings in the market, with just a few purchases made to meet immediate requirements.

South African RB2 (5500 NAR) non-coking coal prices fell by INR 100 reaching INR 9,500/t ex-Gangavaram today.

PDRI prices closed at INR 27,300-28,800/t, while CDRI prices were assessed at INR 28,900-33,500/t.

A total of 7,400 t of sponge iron deals were recorded on Tuesday compared to 8,870 t on 7 October.

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