India: Sponge iron prices drop further in sluggish market - 19 Jul

Sponge iron prices in India dropped further by INR 50-450/t in all major markets. This decline can be attributed to negative market sentiments influenced by a significant downturn in semi-finished steel prices.

PDRI prices stood at INR 24,100-26,800/t and CDRI prices at INR 26,000-30,200/t.

South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal exw Gangavaram stood at INR 9,650/t ($115/t).

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

About 5,560 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 5,150 t on 18 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