India: Sponge iron prices witness mixed trends amid volatility - 30 May

• Trade volumes rise d-o-d
  
  
• Prices expected to stay in positive zone
  
  

Indian sponge iron prices dropped in the range of INR 100-300/tonne (t) in key locations on 30 May, 2024. On the other hand, prices in the Ramgarh and Bellary markets have increased by INR 100-150/t.

PDRI prices closed at a range of INR 27,000-28,500/t and CDRI prices at INR 29,150-34,600/t.

South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal prices are at INR 9,950/t ($119/t).

Steel prices have been fluctuating widely, making it difficult for buyers to get clarity on prices. However, rising steel prices in the second half of today's trading session forced buyers to book material at rising offers and they are anticipating the market to stay positive in the first week of June. So, this led to a rise in trade volumes.

About 32,200 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 14,850 t on 29 May.

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