India: Sponge iron prices edge up d-o-d but demand remains limited - 17 May

• Buying activity remains limited on higher offers
  
  
• Trade volumes drop significantly d-o-d
  
  

Sponge iron prices in India continued to increase, with prices rising by INR 50 to 500/t d-o-d in major regions. However, sponge CDRI prices in the Durgapur market dropped INR 100/t.

PDRI market prices closed at a range of INR 28,350-29,600/t and CDRI prices at INR 29,500-35,400/t.

South African RB2 coal prices remained stable today. 5500 NAR coal prices ex-Gangavaram stand at INR 9,900/t ($119/t).

Buyers were active in booking materials at the start of this week and had placed sufficient orders. However, due to the continuous increase in prices, buying demand remained limited in today's trading session.

About 7,600 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 30,370 t on 16 May.

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