India: Sponge iron prices decline amid falling steel prices - 5 Jul
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- Billet prices decline by INR 300-650/t d-o-d
- Limited trading seen from cautious buyers
Sponge iron prices in India fell by INR 100-500/tonne (t) today across major locations, owing to a downtrend in the semi-finished and finished steel segments.
Limited trading activity was observed, as buyers remained cautious and are waiting for the prices to stabilise. Billet prices also fell by INR 300-650/t in key markets.
PDRI prices closed at a range of INR 24,800-26,900/t while CDRI prices were assessed at INR 26,500-30,600/t.
South African RB2 (5500 NAR) coal prices remained stable today at INR 10,100/t ($121/t) ex-Gangavaram.
About 6,600 t of sponge iron deals were concluded today against to 6,200 t on 4 July.
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
