India: Sponge iron prices fall on limited buying interest - 24 May

• Trade volumes drop d-o-d on dearth of demand
  
  
• Suppliers in various regions reduce offers
  
  

Sponge iron prices fell by INR 50-300/tonne (t) in almost all key locations in India on 24 May, 2024. However, sponge CDRI prices in Ramgarh edged up by INR 50/t.

PDRI prices closed at a range of INR 27,600-28,900/t and CDRI prices at INR 29,000-35,000/t.

South African RB2 coal prices remained stable today. Non-coking coal (5500 NAR) prices exw Gangavaram were assessed at INR 9,950/t ($119/t).

Prices fell on dearth of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.

About 7,450 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 12,450 t on 23 May, Thursday.

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