India: Sponge iron prices showed mixed trends - 29 Aug

Indian sponge iron prices showed mixed trends, with prices increasing in Ramgarh and Durgapur by INR 150/t and INR 200/t, respectively, today. Meanwhile, sponge prices in other locations dropped by INR 50-200/t.

Slight improvement in buying activity was seen due to positive outlook in markets in northern and eastern India, although only average trades were seen throughout the day.

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

South African RB2 coal prices remained stable. RB2 (5500 NAR) exw Gangavaram stood at INR 9,600/t ($114/t).

Approximately 9,200 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 6,200 t on 28 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