India: Sponge iron market witnesses mixed trends, trades remain moderate - 13 Mar

• Buying activity remains moderate
  
  
• Trade volumes fall by 12% d-o-d
  
  

Sponge iron prices in India witnessed an overall increase of INR 50-150/t in major regions, driven by an upward trend in the semi-finished segment in the first half of the trading session on 13 March, 2024.

However, there were exceptions in regions like southern, and Jharsuguda from the eastern region, where a marginal decline of INR 100/t was noticed today.

PDRI market prices closed at a range of INR 25,200-27,200/t and CDRI prices, at INR 26,550-30,900/t.

South African RB2 prices increased by INR 100/t today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,400/t ($113/t).

On a d-o-d basis spot trade volumes fell by 12%, with trading activity remaining moderate across regions.

About 15,180 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 17,200 t on 12 March.

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