India: Sponge iron prices fall on limited buying interest - 2 May
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- Suppliers in various regions reduce offers
- Trade volumes fall by 24% d-o-d
Sponge iron prices fell by INR 50-500/tonne (t) in almost all key locations across India on 2 May, 2024 on limited buying interest. However, sponge iron prices only in Raipur and Ramgarh markets edged up by INR 50/t.
PDRI market prices closed at a range of INR 27,700-29,250/t and CDRI prices, at INR 29,100-35,000/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,900/t ($118/t).
Prices fell on lack of buying enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers. Trade volumes fell by 24% d-o-d.
About 12,530 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 16,400 t on 1 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
