India: Sponge iron prices drift higher tracking steel market uptrend - 29 Jul

Sponge iron prices in India increased by INR 100-500/tonne (t) today across market owing to the rise in semi-finished and finished steel prices. However, in Raipur prices inched down by INR 50/t.

Trading activity today remained low-to-moderate as buyers waited for stability in prices. PDRI prices were assessed at INR 24,300-27,000/t, while CDRI stood at INR 26,300-30,300/t.

South African non-coking coal (5500 NAR) prices remain stable today for RB2 at INR 9,650/t ($115/t) ex-Gangavaram.

About 7,700 t of sponge iron deals were concluded as against 23,650 t on 26 July.

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