India: Sponge iron prices fall on limited buying interest - 22 Mar
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- Limited buying enquiries lead to a drop in spot trade volumes
- Suppliers in various regions of the country reduce offers
Sponge iron prices fell by INR 50-250/tonne (t) in some key locations across India on 22 March, 2024. However, sponge iron prices in Ramgarh, and southern region increased by INR 100-350/t.
PDRI market prices closed at a range of INR 25,250-26,500/t and CDRI prices, at INR 26,500-30,900/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) Exw Gangavaram stood at INR 9,400/t ($112/t).
Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.
About 7,100 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 25,850 t on 21 March.
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
