India: Sponge iron prices decline on limited buying interest - 12 Jun

• Prices fall by up to INR 300/t d-o-d today
  
  
• Suppliers in various regions reduce offers
  
  

Sponge iron prices fell by INR 50-300/tonne (t) in all key locations across India on 12 June, 2024 on limited buying interest and falling steel prices.

PDRI market prices closed at a range of INR 26,000-28,100/t and CDRI prices, at INR 28,350-34,100/t.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,200/t ($122/t).

Prices fell due to lack of enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.

Only 5,600 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 20,410 t on 11 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