India: Sponge iron prices rise d-o-d despite limited buying - 12 Jul'24

India's sponge iron market witnessed an increase in prices today ranging from INR 200-500/t in all key locations which can be attributed to rising steel prices.

PDRI prices were assessed at INR 24,400-26,900/t at close of trading today and CDRI prices were at INR 26,300-30,200/t.

South African non-coking coal prices remained stable today. RB2 (5500 NAR) coal prices stood at INR 10,000/t exw Gangavaram.

Moderate bookings were seen across regions today amid rising prices. However, buyers remained cautious all through as steel prices closed at rangebound levels today.

About 10,400 tonnes (t) of sponge iron transactions were recorded in India today compared to 20,350 t on 11 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