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