India: Sponge iron prices drop, trades remain moderate - 26 Apr
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- Transaction volumes drift higher
- Non-coking coal prices edge up d-o-d
Sponge iron prices in India witnessed a decrease of INR 50-350/t in all major regions, driven by a downward trend in the semi-finished steel segment in the first half of the trading session today - 26 April, 2024.
However, in the second half of the trading session, steel prices edged up resulting in an increase in buying enquiries for sponge iron.
PDRI market prices closed at a range of INR 27,200-28,500/t while CDRI prices were assessed at INR 28,400-34,600/t.
South African RB2 coal prices increased by INR 150/t today. Non-coking RB2 (5500 NAR) coal prices are at INR 10,000/t ($120/t) exw Gangavaram.
D-o-d, spot trade volumes shot up by 60%, with trading activity remaining moderate across regions.
About 13,150 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 8,240 t on 25 April.
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
