India: Sponge iron prices decline on limited buying interest - 9 May
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- Prices fall by up to INR 600/t d-o-d
- Suppliers in various regions reduce offers
Sponge iron prices fell by INR 100-600/tonne (t) in all key locations across India on 9 May, 2024 on limited buying interest.
PDRI prices closed at a range of INR 28,550-29,900/t and CDRI prices at INR 30,000-35,700/t.
South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal prices exw Gangavaram are assessed at INR 9,900/t ($118/t).
Prices fell due to lack of enquiries in the spot market today. As a result, suppliers in various regions of the country reduced their offers.
About 6,110 tonnes (t) of sponge iron transactions were recorded in the country on Thursday compared to 5,360 t on 8 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
