India: Sponge iron prices rise as steel prices firm up amid active demand - 28 Jun

• Bulk bookings seen across markets
  
  
• Billet prices rise INR 200-750/t today
  
  

India's sponge iron market witnessed an increase in prices today ranging from INR 100-900/t in all key locations which can be attributed to rising steel prices and active spot trading.

PDRI prices were assessed at INR 24,700-27,300/t at close of trading and CDRI prices at INR 26,500-31,000/t.

South African non-coking coal prices remained stable today. RB2 (5500 NAR) coal prices stood at INR 10,100/t ($121/t) exw Gangavaram.

Bulk bookings were seen across regions today, which led to a significant rise in daily spot trade volumes. As per BigMint data, around 53% of total deals today were reported from central India.

About 24,500 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 15,700 t on 27 June.

According to sources, active bookings of semi-finished and finished steel has led to a rise in sponge iron prices. Billet prices in key areas increased today by INR 200-750/t.

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