India: Sponge iron prices witness mixed trends amid volatility - 25 Apr
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Indian sponge iron prices dropped in the range of INR 50-200/tonne (t) in some key locations on 25 April, 2024. On the other hand, prices in the eastern region and Mandi Gobindgarh have increased by INR 50-300/t.
PDRI market prices closed at a range of INR 27,450-28,750/t and CDRI prices, at INR 28,450-34,800/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,850/t ($118/t).
Steel prices have been fluctuating widely, making it difficult for buyers to get any clarity on prices. This has created caution among buyers, forcing them to procure material only as per immediate requirement and that, too, after considerable bargaining. Thus, the market exhibited mixed trends today.
About 8,240 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 4,600 t on 24 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
