India: Sponge iron prices edge up on improved buying - 21 Mar
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- Sponge iron prices rise INR 50-300/t
- Bulk bookings seen in Raipur, Raigarh markets
Sponge iron prices in India moved up by INR 50-300/tonne (t) d-o-d in major markets today on improved buying from participants.
PDRI prices closed at a range of INR 25,350-26,400/t and CDRI at INR 26,550-31,100/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) coal prices stand at INR 9,400/t ($113/t) ex-Gangavaram.
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 surge in trading volumes today compared with yesterday, with the Raipur and Raigarh markets in central India reporting bulk bookings.
About 25,850 t of sponge iron transactions were recorded in the country on Thursday compared to 14,440 t on 20 March.
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
