India: Sponge iron prices drop on weak spot demand - 8 Jul
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- South African RB2 prices remain stable
- Market witnesses limited trading activity
Indian sponge iron prices dropped by INR 50-650/t today in all major locations. Sponge iron prices fell due to the downtrend in semi-finished and finished long steel which led to weak demand throughout the day.
PDRI market prices closed at a range of INR 24,300-26,700/t and CDRI prices, at INR 26,000-30,300/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,100/t ($121/t).
Owing to weak market sentiments very limited trading activity was reported today.
Only 5,000 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 6,600 t on 5 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
