India: Sponge iron prices rise on improved trade activity - 13 Aug

Sponge iron prices in India rose by INR 50-200/tonne (t) across markets today.

PDRI prices closed at the range of INR 23,200-26,500/t and CDRI prices at INR 26,000-30,000/t.

South African non-coking coal, RB2 (5500 NAR), prices remained firm at INR 9,650/t ($114/t) exw Gangavaram.

Sponge prices saw an uptick amid prices hike in commodities. Due to active participation seen in the market today transaction volumes showed a significant improvement.

About 20,200 t of sponge iron transactions were recorded in the country today compared to 11,250 t on 12 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