India: Sponge iron prices fall d-o-d - 21 Oct

Sponge iron prices in the country fell by INR 200-700/tonne (t) d-o-d today in major locations.

Prices declined as market participants remained cautious amid a downward trend seen in the steel market.

PDRI prices were assessed at INR 26,500-27,200/t, while CDRI prices were reported at INR 27,500-33,300/t.

South African RB2 coal prices remained stable today. Non-coking (5500 NAR) prices stood at INR 9,500/t exw-Gangavaram.

Transactions of only 4,050 t of sponge iron were recorded in the country today, compared to 4,150 t on 18 October due to cautious market sentiments.

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