India: Sponge iron prices drop d-o-d - 1 Aug

Indian sponge iron prices edged down by INR 50-250/tonne (t) today in major locations. Sponge iron prices showed downward movement as participants remained muted in a volatile market.

PDRI market prices closed at a range of INR 23,800-26,500/t while CDRI prices closed at INR 26,000-30,000/t.

South African RB2 prices remained stable today. On the other hand, non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,650/t ($115/t).

Buyers stayed cautious as the market moved downwards. However, transaction volumes remained moderate.

Only 7,400 t of sponge iron transactions were recorded in the country on Thursday compared to 4,600 t on 31 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