BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

India: Sponge iron prices rise d-o-d despite moderate bookings - 21 Aug'24

...

Sponge Iron

BigMint Bureau

145 Reads

21 Aug 2024, 18:46 IST

India: Sponge iron prices rise d-o-d despite moderate bookings - 21 Aug'24

India's sponge iron market saw a price increase today, ranging from INR 50-400/tonne (t) across key locations, largely due to rising steel prices. However, PDRI prices in the Ramgarh region dropped by INR 150/t.

PDRI prices were assessed at INR 24,000-26,700/t at the close of trading, while CDRI prices stood at INR 26,350-30,000/t.

South African non-coking coal prices remained stable today, with RB2 (5500 NAR) coal priced at INR 9,650/t ex-works Gangavaram.

Moderate bookings were reported across regions despite the price increases. Purchasers remained cautious, leading to steel prices closing at rangebound levels.

Approximately 8,000 t of sponge iron transactions were recorded in India today, down from 15,600 t on 21 August.

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