India: Sponge iron prices drop d-o-d - 14 Aug

Indian sponge iron prices fell by INR 50-250/tonne (t) today in major locations. While prices in Raipur, Hyderabad and Bellary rose by up by INR 50/t and INR 100/t.

Sponge iron prices fell downward as buyers remained muted in the uncertain market.

PDRI market prices closed at a range of INR 23,200-26,600/t while CDRI prices closed at INR 25,850-29,800/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 ($114/t).

Buyers stayed cautious as the market stepped below. However, transaction volumes recorded remained at a moderate level.

Only 6,650 t of sponge iron transactions were recorded in the country on Wednesday compared to 20,200 t on 13 August.

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