India: Sponge iron prices inch up despite limited buying activity - 22 May

• Sponge iron prices in Bellary fall
  
  
• South African RB2 prices stable
  
  

Indian sponge iron prices witnessed a modest uptick today ranging from INR 50-200/tonnes (t) in almost all key locations, despite limited buying. However, sponge iron prices only in the Bellary market fell slightly by INR 150-200/t.

PDRI market prices closed at a range of INR 27,850-29,350/t and CDRI prices, at INR 29,000-35,200/t.

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

The market saw limited activity as participants are still cautious about the price swings and hence, made only need-based purchases today.

About 9,900 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 13,720 t on 21 May.

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