India: Sponge iron prices edge up on increased steel prices - 3 Jun

• Spot enquiries remain muted on high offers
  
  
• South African RB2 coal prices rise INR 50/t
  
  

Sponge iron prices in India rose by INR 250-1,000/t across markets today. Prices continued to rise on increasing steel prices. However, demand remains very limited at high offers.

PDRI market prices closed at the range of INR 27,300-29,700/t and CDRI prices at INR 30,000-35,200/t.

South African RB2 coal prices increased by INR 50/ today. Non-coking RB2 (5500 NAR) coal prices stood at INR 10,000/t ($120/t) exw Gangavaram.

Sources informed BigMint that spot purchase enquiries were very limited throughout the day amid offers at higher levels and hence spot trade volumes were low.

About 4,640 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 8,870 t on 31 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