India: Sponge iron prices rise on moderate trade - 27 Aug

Sponge iron prices in India rose by INR 100-350/tonne (t) across markets today.

Meanwhile, PDRI prices closed at the range of INR 23,700-26,500/t. On the other hand, CDRI prices concluded at INR 26,000-30,000/t.

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

Sponge prices saw an uptick on Tuesday. However, due to continuous rise in prices and slow finished goods movement buyers have opted for need-based purchasing.

About 8,150 t of sponge iron transactions were recorded in the country on 27 August, 2024 compared to 16,300 t on 26 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