India: Sponge iron prices drop on soft steel demand - 16 Apr

• Sponge iron prices drop INR 100-800/t today
  
  
• Billet prices decline by INR 100-500/t today
  
  
• Trade volumes drop d-o-d
  
  

Sponge iron prices in all key domestic markets dropped in the range of INR 100-800/tonne (t) on 16 April, 2024 due to soft steel demand.

PDRI market prices closed at a range of INR 28,000-30,000/t and CDRI prices, at INR 29,000-34,600/t.

South African RB2 prices remained stable today. Non Coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,850/t ($118/t).

Market participants are cautious about price movements and hence; limited spot transactions were seen today which led to a decline in both offers and bids.

Only 6,750 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 32,620 t on 15 April.

A decline in billet prices by INR 100-500/t was also one of the reasons behind the drop in sponge iron prices.

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