India: Sponge iron market sees improved buying activity on lower offers - 28 May

• Nearly 30,000 t of deals recorded today
  
  
• Sponge iron prices decline by INR 100-400/t d-o-d
  
  

Sponge iron prices in India decreased today. Prices dropped INR 100-400/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.

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

South African RB2 coal prices remained stable today. Non-coking coal (5500 NAR) prices stand at INR 9,950/t ($119/t) exw Gangavaram,

PDRI prices closed at INR 26,800-28,250/t while CDRI prices were assessed at INR 28,800-34,500/t.

About 29,550 tonnes of sponge iron deals were recorded today compared to 4,700 t on 27 May.

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