India: Sponge iron prices rise d-o-d in key locations - 24 Sep

Sponge iron prices in India rose INR 200-750/tonne (t) d-o-d across key markets today, buoyed by supportive steel prices.

PDRI market prices closed at INR 25,400-26,700/t and CDRI prices at INR 27,000-30,700/t.

South African non-coking RB2 (5500 NAR) coal prices remained firm at INR 9,400/t exw-Gangavaram.

The positive sentiment in the steel market motivated sponge manufacturers to raise their offers. Transactions were noted at moderate levels.

Transactions of about only 12,050 t of sponge iron were recorded, showed significant drop from yesterday were 33,900 t on 23 September 2024.

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