India: Sponge iron prices improve d-o-d - 23 Jul

Sponge iron prices in India rose by INR 50-250/tonne (t) across markets today. Prices continued to rise on increasing steel prices.

PDRI market prices closed at the range of INR 24,200-26,500/t and CDRI prices at INR 26,000-30,000/t.

South African non-coking RB2 (5500 NAR) coal prices remained firm at INR 9,650/t ($115/t) exw Gangavaram.

As prices increased, volumes of transaction also improved d-o-d. However, buyers are still waiting for further stability in prices.

About 11,800 t of sponge iron transactions were recorded in the country on Tuesday compared to 7,300 t on 22 July.

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