India: Sponge iron market witnesses significant decline amid limited buying d-o-d - 8 Aug

Sponge iron prices in India decreased today by INR 100-200/tonne (t) across various regions due to weakened market sentiments. However, prices in Raipur region inched up by INR 50/t.

Today's buying demand remained limited, influenced by slow movement in the semi-finished and finished steel, which led to a further slowdown in offers.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,650/t ($114/t).

PDRI prices closed at a range of INR 23,200-26,350/t while CDRI prices were assessed at INR 25,750-30,000/t.

About 3,000 t of sponge iron deals were recorded today compared to 9,475 t on 7 August.

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