India: Sponge iron prices witness mixed trends amid volatility - 10 Jul

Indian sponge iron prices dropped in the range of INR 50-300/tonne (t) in some key locations on 10 July, 2024. On the other hand, prices in south India increased by INR 100-200/t.

PDRI prices remained within the range of INR 24,000-26,800/t and CDRI at INR 25,950-30,000/t.

South African non-coking coal prices declined by INR 100/t today. RB2 (5500 NAR) prices stood at INR 10,000/t ($120/t) exw Gangavaram.

Steel prices have been fluctuating widely, making it difficult for buyers to attain any clarity on prices. This has created caution among buyers, forcing them to procure material only as per immediate requirement and that, too, after considerable bargaining. Thus, the market exhibited mixed trends today.

About 9,900 tonnes (t) of sponge iron transactions were recorded in the country on Wednesday compared to 19,200 t on 9 July.

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