India: Sponge iron prices drop by up to INR 650/t on soft steel demand - 5 Jun
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- RB2 prices increase by INR 200/t
- Billet prices fall by INR 200-600/t
Sponge iron prices in all key domestic markets dropped in the range of INR 200-650/tonne (t) on 5 June, 2024 due to soft steel demand.
PDRI market prices closed at a range of INR 26,850-29,250/t and CDRI prices, at INR 29,500-35,000/t.
South African RB2 prices increased by INR 200/t today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,200/t ($122/t).
Moderate spot transactions were seen in general which led to a decline in both offers and bids.
About 10,560 tonnes of sponge iron transactions were recorded in the country on Wednesday compared to 2,700 t on 4 June.
A decline in billet prices by INR 200-600/t was also one of the reasons behind the drop in sponge iron prices. Market participants are cautious about the price movements and waiting for the prices to stabilise.
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
