India: Sponge iron prices edge up d-o-d on limited demand - 31 May

• South African RB2 prices remain stable
  
  
• Trade volumes drop significantly d-o-d
  
  

Sponge iron prices in India edged up today by INR 50 to 250/tonne (t) d-o-d on limited demand in almost all major regions. However, sponge iron prices in Raipur and Durgapur markets dropped by INR 100-200/t.

PDRI market prices closed at a range of INR 27,000-28,300/t and CDRI prices, at INR 29,200-34,800/t. South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,950/t ($119/t).

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

About 8,870 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 32,200 t on 30 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