India: Sponge iron prices dip d-o-d, trade volumes remain moderate - 6 Mar
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- Sponge iron prices drop by INR 50-250/t today
- Rise in imported coal prices by $3-6/t
- Trade volumes remained moderate
Sponge iron prices in India decreased by INR 50-250/t on 6 March, 2024. However, sponge iron prices only in the central region (Raipur) edged up by INR 50/t
PDRI market prices closed at a range of INR 25,000-27,400/t and CDRI prices, at INR 26,400-31,000/t.
A rise was also seen in the imported coal prices across ports. South African RB2 prices have seen a rise by $3-6/t, which is equivalent to INR 300-500/t. Non coking RB2 (5500 NAR) exw Gangavaram stands at INR 9,300/t ($113/t).
Trading activity remained moderate across regions except in the central region (Raipur) which contributed around 40% of the total trade volume recorded today.
About 14,950 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 14,060 t on 5 March.
A significant steel price adjustment in the northern region also dragged prices lower, BigMint noted.
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