Sponge iron prices dip in India; central region records over 11,000 t trade volumes - 13 Jun

• Central region holds 43% of total trade volumes
  
  
• Spot trade volumes rise d-o-d on lower offers
  
  

Sponge iron prices in all key locations in India decreased by INR 50-250/tonne (t) on 13 June, 2024.

PDRI market prices closed at a range of INR 25,800-27,900/t and CDRI prices, at INR 28,300-34,000/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 over 11,000 tonnes of transactions which holds 43% of the total trade volumes today, which was then followed by the eastern region.

About 27,200 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 5,600 t on 12 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