India: Sponge iron prices drop, trade remains moderate - 21 Jun
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- Downtrend in semi-finished steel
- South African RB2 prices drop
Sponge iron prices in India witnessed a decrease of INR 50-300/t in almost all major regions, driven by a downtrend in the semi-finished steel in the later half of the trading session today. Sponge iron prices only in the Raigarh and Rourkela markets were up by INR 100-150/t.
However, in the first half of the trading session, steel prices edged up resulting in an increase in buying enquiries for sponge iron.
PDRI market prices closed at a range of INR 24,400-27,200/t and CDRI prices, at INR 26,600-31,500/t.
South African RB2 prices dropped by INR 100/t. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,100/t ($121/t).
Spot trade volumes remained moderate across regions. About 21,050 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 24,150 t on 20 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
