India: Sponge iron market remains volatile on limited trade - 4 Sep

Sponge iron prices in India showed mixed trends today, rising by INR 50-100/tonne (t) across various regions due to volatile and moderate market conditions. However, prices decreased by INR 50-500/t in Durgapur, Bellary, and Hyderabad. Despite these fluctuations, buying demand for sponge iron remained subdued, with only need-based purchases being made.

South African RB2 (5500 NAR) coal prices fell to INR 9,600/t ($114/t) ex-Gangavaram today.

PDRI prices closed within a range of INR 23,500-26,200/t, while CDRI prices were assessed at INR 26,000-30,000/t.

A total of 10,420 t of sponge iron deals were recorded on Wednesday, compared to 12,800 t on 3 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