India: Sponge iron prices show mixed trends amid limited demand - 5 Aug

Indian sponge iron prices showed mixed trends as prices increased in regions like Ramgarh and Durgapur by INR 150/t and 200/t today. Meanwhile, sponge prices in other locations dropped by 50-200/t.

Limited demand persisted in the market as buyers opted wait-and-watch mode as prices continued to decline.

PDRI market prices closed at a range of INR 23,600-26,700/t and CDRI prices at INR 25,850-30,000/t.

South African RB2 prices remained stable. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,650/t ($114/t).

Daily transaction volumes dropped d-o-d. Only 500 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 1,000 t on 2 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