India: Sponge iron prices drop further amid sluggish market sentiments - 19 Jun

Sponge iron prices in India dropped further by INR 200-600/t in major markets. This decline can be attributed to negative market sentiments influenced by a significant downturn in semi-finished steel prices.

PDRI prices closed at INR 24,800-27,400/t and CDRI at INR 27,000-32,200/t.

South African RB2 coal prices reduced by INR 100/t. RB2 (5500 NAR) exw Gangavaram stood at INR 10,100/t ($121/t).

Cautious attitude of buyers along with the continuous decline in prices seemed to have influenced buying decisions, resulting in limited market activity.

About 13,650 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 15,100 t on 18 June.

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