India: Sponge iron prices inch up despite moderate buying - 28 Mar
...
- Trade volumes remain moderate
- Participants made only need-based purchases
Indian sponge iron prices witnessed a modest uptick today ranging from INR 100-300/tonnes (t) in all key locations, despite moderate buying.
PDRI market prices closed at a range of INR 25,900-26,700/t and CDRI prices, at INR 27,000-31,300/t.
South African RB2 prices remained stable today. Non coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,400/t ($112/t).
The market saw moderate activity as participants already have sufficient orders in hand and hence, made only need-based purchases today.
About 11,400 t of sponge iron transactions were recorded in the country on Thursday compared to 23,950 t on 27 March.
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
