India: Sponge iron prices fall d-o-d barring Raipur - 10 Aug

Indian sponge iron prices declined by INR 50-150/tonne (t) d-o-d across markets today, except in the Raipur region, where prices increased by INR 50-100/t.

The drop in sponge iron prices was driven by weak demand in the downstream market, as purchasers were hesitant to buy material and preferred to wait for further market corrections.

PDRI prices were assessed at around INR 23,300-25,900/t at the close of trading, while CDRI prices stood at INR 25,800-29,800/t.

Prices of South African non-coking coal, RB2 (5500 NAR), remained stable at INR 9,400/t ex-works Gangavaram.

Only 6,950 t of sponge iron transactions were recorded in the country on Tuesday, compared to 7,600 t on 9 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