India: Sponge iron market sees improved buying activity on lower offers - 11 Jun

• Improved buying seen on lower offers
  
  

Sponge iron prices in India decreased today. Prices dropped by INR 100-800/t across regions due to selling pressure and weakened market sentiments.

Despite this decline, buying activity surged as buyers, who had been waiting for favourable prices for a long time, took advantage of the current market conditions.

PDRI market prices closed at a range of INR 26,050-28,250/t and CDRI prices, at INR 28,600-34,300/t.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,200/t ($122/t).

An increase in trading activity was spurred by market fluctuations which encouraged participants to engage more actively, leading to higher booking volumes compared to the previous session.

About 20,410 t of sponge iron transactions were recorded in the country on Tuesday compared to 12,900 t on 10 June.

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