India: Sponge iron prices show mixed trend amid improved trade volumes - 26 Aug

Sponge iron prices in India rose by INR 50-500/tonne (t) across markets today. Meanwhile, in Bellary and Hyderabad prices dropped INR 100/t.

PDRI prices were assessed at INR 23,500-26,500/t and CDRI prices at INR 25,950-30,000/t.

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

Today, DRI prices increased as steel prices remained supported. Surge in booking activity was also witnessed in various regions. Transaction volumes also showed a considerable rise d-o-d.

About 16,300 t of sponge iron transactions were recorded in the country on Monday compared to 4,500 t on 23 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