Sponge iron prices dip in India; central region records around 18,000 t trade volumes - 7 Jun

• Sponge CDRI prices only in Raigarh inch up
  
  
• Trading activity increases on improved demand
  
  

Sponge iron prices in almost all key locations in India decreased by INR 100-450/tonne (t) on 7 June, 2024. However, sponge CDRI prices only in Raigarh rose slightly by INR 100/t.

PDRI market prices closed at a range of INR 26,600-28,400/t and CDRI prices, at INR 28,800-34,700/t.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 10,200/t ($122/t).

Trading activity increased on improved demand at lower prices, especially in the central region (Raipur and Raigarh) which saw around 18,000 tonnes of transactions which holds 42% of the total trade volumes today, which was then followed by the eastern region.

About 41,740 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 11,850 t on 6 June.

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