India: Sponge iron prices continue to rise on moderate demand - 8 Mar

• Sponge iron prices up by INR 50-400/t today
  
  
• Due to festivity buying enquiries were limited
  
  
• Trade volumes rose by 12% on a d-o-d basis
  
  

Sponge iron prices in almost all key Indian markets increased by INR 50-400/t on 8 March, 2024. However, sponge PDRI price only in Bellary edged down by INR 50/t.

PDRI market prices closed at a range of INR 25,200-27,500/t and CDRI prices, at INR 26,600-31,000/t.

South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,300/t ($112/t).

On the occasion of Maha Shivratri market was a bit inactive today which led to limited buying enquiries. And hence trading activity remained moderate across regions but still managed to report a 12% d-o-d growth.

About 17,010 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 15,100 t on 7 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