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India: Sponge iron prices rise d-o-d despite moderate bookings - 13 Sep

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Sponge Iron

BigMint Bureau

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13 Sep 2024, 18:45 IST

India: Sponge iron prices rise d-o-d despite moderate bookings - 13 Sep

India's sponge iron prices increased in the range of INR 100-300/tonne (t) across key locations, largely due to rising steel prices.

PDRI prices were assessed at INR 23,800-25,800/t at the close of trading, while CDRI prices stood at INR 25,700-30,000/t.

South African non-coking coal prices remained stable today, with RB2 (5500 NAR) priced at INR 9,400/t ex-works Gangavaram.

Despite price hikes, bookings remained moderate across regions. Purchasers remained cautious, therefore, steel prices remained range-bound.

Approximately 8,500 t of sponge iron transactions were recorded in India today, from 5,100 t on 12 September.

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