India: Sponge iron prices increase d-o-d on improved spot demand - 6 May
...
- Positive sentiments in semis market support prices
- South African RB2 prices remain stable
Sponge iron prices in India increased sharply today following positive sentiments in the semi-finished steel segment. Prices rose by INR 500-1,000/t today in all major regions, indicating a strong upward trend driven by positive market dynamics and buying activity.
PDRI market prices closed at a range of INR 29,000-30,350/t and CDRI prices, at INR 30,000-36,000/t.
South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) prices exw Gangavaram stand at INR 9,900/t ($118/t).
Buying improved in today's trading session, with a significant surge in bookings seen across regions.
About 32,200 tonnes (t) of sponge iron transactions were recorded in the country on Monday compared to 18,850 t on 3 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
