India: Sponge iron prices drop d-o-d amid limited buying - 27 May

• Prices in Durgapur, Rourkela remain stable today
  
  
• Market records about 4,700 t of sponge iron deals
  
  

Sponge iron prices in India dropped by INR 50-600/tonne (t) d-o-d on Monday across various regions in India due to weak market sentiments. However, prices in Durgapur and Rourkela remained stable throughout the day.

Today's buying demand remained limited, influenced by slow movement in the semi-finished and finished steel segments, which led to a further slowdown in offers.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,950/t ($119/t).

PDRI prices closed at a range of INR 26,900-28,500/t. Meanwhile, CDRI prices were assessed at INR 29,000-34,500/t.

About 4,700 tonnes (t) of sponge iron deals were recorded today compared to 7,450 t on 24 May.

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