India: Sponge iron prices fall by INR 50-150/t d-o-d on weak market sentiment- 12 Sep

Sponge iron prices in India decreased today by INR 50-150/tonne (t) across various regions due to weakened market sentiment. However, prices in the Ramgarh and Durgapur regions edged up by INR 50-100/t.

Buying demand remained modest on Thursday, impacted by sluggish movement in the semi-finished and finished steel segments, leading to further reductions in offers.

South African RB2 prices remained stable, with non-coking RB2 (5500 NAR) at INR 9,400/t exw Gangavaram.

PDRI prices closed within the range of INR 23,600-25,800/t, while CDRI prices were assessed at INR 25,700-29,800/t.

Approximately 5,100 t of sponge iron transactions were recorded, down from 7,300 t on 11 September.

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