India: Sponge iron prices decline d-o-d amid weak buying - 24 June
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- Sponge iron prices fall by INR 50-700/t
- Weak buying on further corrections
Sponge iron prices witnessed an intense decline today, dropping by INR 50-700/t across various locations due to selling pressure and weakened market sentiments. Despite this significant price reduction, buying activity remained slow as buyers stayed cautious, anticipating further market corrections and awaiting stability. This led to weak buying activity on a d-o-d basis.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stands at INR 10,100/t ($120/t).
PDRI prices closed at a range of INR 23,800-27,000/t while CDRI prices were assessed at INR 26,250-31,200/t.
About 10,750 tonnes (t) of sponge iron transactions were recorded today compared to 21,050 t on 21 June.
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
