India: Sponge iron prices continue to rise amid improved buying d-o-d - 25 Sep

Sponge iron prices in India rose by INR 100-700/tonne (t) d-o-d across key markets today.

PDRI market prices closed at INR 26,000-27,200/t and CDRI prices at INR 27,750-31,000/t.

South African non-coking RB2 (5500 NAR) coal prices remained robust at INR 9,400/t exw-Gangavaram.

Sponge iron prices rose on Wednesday, supported by improved buying activity throughout the day which resulted increase in the spot offering d-o-d.

Around 24,800 t of sponge iron transactions were recorded, marking a significant rise from the previous day's 12,050 t.

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%.

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T1 - Trade, T2 - Offer/Bid/Indicative