India: Sponge iron prices drop on limited demand - 14 Jun

• Buyers make only need-based bookings
  
  
• South African RB2 coal prices stable today
  
  

Indian sponge iron prices edged down today by INR 100-500/tonne (t) in major locations amid limited demand.

PDRI market prices closed at a range of INR 25,600-27,800/t and CDRI prices, at INR 28,150-33,500/t.

South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR), exw-Gangavaram, stood at INR 10,200/t ($122/t).

Limited trading activity was reported, as buyers had already placed enough orders yesterday. So, they came forward for only need-based bookings.

Only 6,800 t of sponge iron transactions were recorded in the country on Friday compared to 27,200 t on 13 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