India: Sponge iron prices rise on active trades - 30 Apr
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- Sponge iron prices up INR 250-750/t d-o-d
- Bulk bookings witnessed across regions
India's sponge iron market witnessed a rise in prices today ranging from INR 250-750/t in all major locations. This increase in prices can be attributed to active spot trading coupled with active buying interest.
PDRI market prices closed at a range of INR 27,550-29,000/t while CDRI prices were at INR 28,550-34,800/t.
South African RB2 coal prices decreased by INR 100/t today. RB2 (5500 NAR) was assessed at INR 9,900/t ($118/t) ex Gangavaram.
Bulk bookings were seen in different regions today which ultimately led to a rise in daily spot trade volumes.
About 30,875 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 18,150 t on 29 April.
According to sources, the price rise is also due to the active performance of semi-finished and finished steel prices. Billet prices increased sharply by INR 300-1,000/t in key markets today.
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
