India: Sponge iron prices drop, trades remain moderate - 26 Apr

• Transaction volumes drift higher
  
  
• Non-coking coal prices edge up d-o-d
  
  

Sponge iron prices in India witnessed a decrease of INR 50-350/t in all major regions, driven by a downward trend in the semi-finished steel segment in the first half of the trading session today - 26 April, 2024.

However, in the second 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 27,200-28,500/t while CDRI prices were assessed at INR 28,400-34,600/t.

South African RB2 coal prices increased by INR 150/t today. Non-coking RB2 (5500 NAR) coal prices are at INR 10,000/t ($120/t) exw Gangavaram.

D-o-d, spot trade volumes shot up by 60%, with trading activity remaining moderate across regions.

About 13,150 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 8,240 t on 25 April.

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