India: Sponge iron prices fall by up to INR 700/t in key markets - 25 Jun

Sponge iron prices in all key domestic markets dropped in the range of INR 100-700/tonne (t) on 25 June, 2024 due to soft demand for steel.

PDRI prices at close of trading were assessed in the range of INR 23,600-26,850/t while CDRI prices were INR 25,650-30,500/t.

South African non-coking coal prices remained stable today. RB2 (5500 NAR) grade coal prices stood at INR 10,100/t ($121/t) exw Gangavaram.

Limited spot transactions were seen which led to a decline in both offers and bids.

About 11,250 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 10,750 t on 24 June.

The decline in billet prices by INR 200-1,150/t was also one of the reasons behind the drop in sponge iron prices. Market participants are cautious about price movements and are waiting for prices to stabilise.

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