India: Sponge iron prices vary across markets even as trade volumes increase - 3 Sep

Sponge iron prices in India increased by INR 50-300/tonne (t) across markets today. Meanwhile, in Bellary and Hyderabad prices decreased by INR 150/t, respectively.

PDRI prices were assessed the range of INR 23,400-26,250/t and CDRI 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.

Today, prices increased as offers edged up on overall buying tempo. Market participants remained active throughout the day and trade volumes swelled d-o-d.

About 12,800 t of sponge iron transactions were recorded in the country on Tuesday compared to 3,600 t on 2 September.

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