India: Sponge iron prices rise d-o-d in key locations - 30 Aug

Sponge iron prices in India rose by INR 50-200/tonne (t) d-o-d across key markets today. However, in the Bellary region, prices fell by INR 50/t.

PDRI market prices closed in the range of INR 23,600-26,500/t, and CDRI prices closed at INR 26,100-30,000/t.

South African RB2 non-coking coal (5500 NAR) prices remained firm at INR 9,600/t ($114/t) exw-Gangavaram.

The improvement in semi-finished prices has caused sponge prices to rise in certain areas. However, the volumes reported for today were moderate.

About 5,850 t of sponge iron transactions were recorded in the country today compared to 9,200 t on 29 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