India: Sponge iron prices fall by INR 100-550/t d-o-d on weak market sentiment- 9 Oct

Sponge iron prices in India dropped by INR 100-550/tonne (t) across various regions today, driven by weakened market sentiment.

With slow activity in the semi-finished and finished steel segments, buying demand remained low on Wednesday, leading to further reductions in offer prices. South African RB2 prices remained stable, with non-coking RB2 (5500 NAR) priced at INR 9,500/t ex-works Gangavaram.

PDRI prices ranged between INR 27,000-28,500/t, while CDRI prices were assessed at INR 28,800-33,500/t. Approximately 5,100 t of sponge iron transactions were recorded, down from 7,300 t on 11 September.