India: Sponge iron market remains volatile on limited buying - 4 July

• Market sees need-based bookings
  
  
• CDRI prices are at INR 26,850-31,000/t
  
  

Sponge iron prices in India exhibited mixed sentiments today, dropping by INR 50-200/tonne (t) across various regions due to volatile and weakened market sentiments.

However, prices rose slightly by INR 50-100/t in Raipur, and Rourkela. Despite these variations, buying demand for sponge iron remained slow, with only need-based bookings observed d-o-d.

South African RB2 (5500 NAR) coal prices remained stable today at INR 10,100/t ($121/t) ex-Gangavaram. PDRI prices closed at a range of INR 24,900-27,100/t while CDRI prices were assessed at INR 26,850-31,000/t.

About 6,200 t of sponge iron deals were recorded today compared to 7,360 t on 3 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