India: Sponge iron market remains volatile on limited buying - 17 Jul

Sponge iron prices in India exhibited mixed sentiments today, dropping by INR 100-200/tonne (t) across various regions due to volatile and weak market sentiments.

However, prices rose slightly by INR 100-150/t in Raipur and Raigarh. Despite these variations, buying demand for sponge iron remained dull, with only need-based bookings observed.

South African RB2 (5500 NAR) coal prices dropped today at INR 9,650/t ($115/t) ex-Gangavaram.

PDRI prices closed at a range of INR 24,600-27,200/t while CDRI prices were assessed at INR 26,500-30,500/t.

About 9,700 t of sponge iron deals were recorded today compared to 9,650 t on 16 July.

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