India: Sponge iron prices edge up despite limited demand - 18 Apr

• Need-based bookings lead to a drop in spot trade volumes
  
  

Indian sponge iron prices edged up today by INR 50-500/t in major locations. However, demand remained limited on higher offers.

PDRI market prices closed at a range of INR 28,200-30,100/t and CDRI prices at INR 29,200-35,200/t.

South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,850/t ($118/t).

Limited trading activity was reported, as buyers had already placed enough orders yesterday and were cautious to book material at higher offers. So, they came forward for only need-based bookings.

About 12,600 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 25,550 t on 17 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