India: Sponge iron prices fall d-o-d - 9 Sep

Indian sponge iron prices fell by INR 50-100/tonne (t) d-o-d today in major locations, except for Raigarh, where prices rose by up to INR 100/t.

Sponge iron prices declined as market participants remained cautious amid a downward steel market.

PDRI prices were assessed at INR 23,400-26,000/t, while CDRI prices were reported to be at INR 25,950-29,800/t.

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

Despite a cautious market, the recorded transaction volumes remained moderate.

Transactions of only 7,600 t of sponge iron were recorded in the country today, compared to 7,900 t on 6 September.

Rationale

Prices have been derived based on transaction, offer, bid, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative