India: Sponge iron prices show mixed trends amid improved trade volumes - 7 Aug

Sponge iron prices in India dropped by INR 50-100/tonne (t) across markets today. Meanwhile, Raipur and Mandi prices increased by INR 50 and INR 200, respectively.

PDRI market prices closed at the range of INR 23,200-26,500/t and CDRI prices at INR 25,750-30,000/t.

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

Today prices increased in the first half of the session. However, booking was made at lower rates. This has dragged prices downward in the market. In addition, trade volumes also improved since last few days.

About 9,475 t of sponge iron transactions were recorded in the country on Wednesday compared to 3,900 t on 6 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