India: Sponge iron prices drop on limited buying - 22 Aug'24

Indian sponge iron prices dropped by INR 50-350/tonne (t) today across all major locations. This decline followed lower pricing for semi-finished and finished steel due to weak market demand.

PDRI market prices were reported in the range of INR 23,700-26,700/t, while CDRI prices were between INR 26,000-30,000/t.

South African RB2 prices remained stable, with non-coking RB2 (5500 NAR) exw Gangavaram priced at INR 9,650/t ($114/t).

The market displayed subdued demand on Thursday, as reflected in the daily spot transaction volumes. Only 6,300 t of sponge iron were transacted in the country, down from 8,000 t on 21 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