India: Sponge iron market sees improved buying at lower offers d-o-d - 17 Jun
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- Price decline attributed to weak finished demand
- South African RB2 prices remain stable d-o-d
Prices of sponge iron in India declined by INR 50-350/t across regions today. This drop is attributed to weak demand for finished steel and generally weak market sentiments.
However, the price decrease led to a slight increase in buying activity. Buyers who had been waiting for more favourable price directions started making purchases, taking advantage of the current market conditions.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw-Gangavaram stood at INR 10,200/t ($122/t).
PDRI prices closed at a range of INR 25,300-27,800/t while CDRI prices were assessed at INR 27,800-33,200/t.
About 11,600 tonne (t) of sponge iron deals were recorded today compared to 6,800 t on 14 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
