India: Sponge iron prices decline further by INR 100-500/t d-o-d - 15 Nov

• Weak finished steel demand drags down prices
  
  
• South African RB2 coal prices up marginally
  
  

India's sponge iron market today witnessed a further decline in offers by INR 100-500/t d-o-d amid persistently weak buying activities.

While prices remained under pressure due to tepid demand, participants exercised caution due to weaker sentiments in the finished steel segment.

South African RB2 coal prices rose slightly today. Non-coking (5500 NAR) coal settled at INR 9,550/t ($113/t) exw-Gangavaram.

PDRI prices stood at INR 24,200-26,900/t at the close of trading today, while CDRI offers were assessed at INR 26,800-31,500/t.

Deals of about 3,700 t of sponge iron were recorded today compared to 6,000 t on 14 November.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative