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India: Sponge iron prices rise d-o-d despite moderate bookings - 5 Sep

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Sponge Iron

BigMint Bureau

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5 Sep 2024, 19:14 IST

India: Sponge iron prices rise d-o-d despite moderate bookings - 5 Sep

Despite moderate bookings, India's sponge iron market witnessed price hikes today in the range of INR 100-300/tonne (t) across key locations, largely due to rising steel prices. However, PDRI prices in the Bellary region dropped by INR 50/t.

PDRI prices were assessed at INR 23,600-26,200/t at the close of trading, while CDRI prices stood at INR 26,000-30,000/t.

South African non-coking coal prices remained stable today, with RB2 (5500 NAR) coal priced at INR 9,600/t exw-Gangavaram.

Despite the price increases, moderate bookings were recorded in all regions. Steel prices closed at range-bound levels as a result of buyers' continued caution.

Transactions of approximately 5,400 t of sponge iron were recorded in India today, down from 10,420 t on 4 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 here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative