India: Sponge iron prices edge up on improved buying - 11 Apr

• Improved buying surfaces
  
  
• Spot trade volumes rise d-o-d
  
  

Sponge iron prices in India moved up by INR 100-450/tonne (t) d-o-d in major markets today on improved buying from participants.

PDRI market prices closed at a range of INR 26,750-28,800/t and CDRI prices, at INR 27,750-33,400/t.

South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) Exw Gangavaram stand at INR 9,400/t ($113/t).

This upward movement in prices reflects supportive buying, as buyers have been active in booking material in response to rising offers. Consequently, there was a slight rise in trading volumes today compared with yesterday.

About 15,650 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 11,100 t on 10 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