India: Sponge iron prices drop d-o-d - 6 Sept

• PDRI market prices close at INR 23,500-26,000/t
  
  
• Buyers remain cautious in an uncertain market
  
  

Indian sponge iron prices declined by INR 100-300/tonne (t) today across major locations, with prices in Durgapur falling by INR 50/t.

The downward trend in sponge iron prices persisted as buyers remained cautious in an uncertain market. PDRI market prices closed within the range of INR 23,500-26,000/t, while CDRI prices settled at INR 26,000-29,800/t.

South African RB2 prices also dropped by INR 150/t, with non-coking RB2 (5500 NAR) ex-works Gangavaram priced at INR 9,450/t ($112/t) on Friday.

Buyer caution prevailed amid the declining market, resulting in modest transaction volumes.

Only 7,900 t of sponge iron transactions were recorded in the country compared to 5,400 t on 5 September.

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