India: Sponge iron prices edge up on improved buying - 7 Mar

• Sponge iron prices up by INR 50-350/t today
  
  
• Active buying enquiries at current offers
  
  
• Trade volumes edge up d-o-d
  
  

Sponge iron prices in India moved up today, with prices rising by INR 50-300/tonne (t) d-o-d in almost all major markets. However, Ramgarh and Mandi Gobindgarh sponge CDRI prices fell slightly by INR 100/t.

PDRI market prices closed at a range of INR 25,150-27,500/t and CDRI prices, at INR 26,550-30,900/t.

South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stand at INR 9,300/t ($112/t).

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

About 15,100 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 14,950 t on 6 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