India: Sponge iron prices decline on limited buying interest - 9 May

• Prices fall by up to INR 600/t d-o-d
  
  
• Suppliers in various regions reduce offers
  
  

Sponge iron prices fell by INR 100-600/tonne (t) in all key locations across India on 9 May, 2024 on limited buying interest.

PDRI prices closed at a range of INR 28,550-29,900/t and CDRI prices at INR 30,000-35,700/t.

South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal prices exw Gangavaram are assessed at INR 9,900/t ($118/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.

About 6,110 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 5,360 t on 8 May.

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