India: Sponge iron prices rise on active trades - 1 Apr

• Sponge iron prices rise INR 100-550/t
  
  
• Bulk bookings seen across markets
  
  

India's sponge iron market witnessed a rise in prices today ranging from INR 100-550/t in all major locations. This increase can be attributed to active spot trading coupled with buying interest.

PDRI prices were assessed at a range of INR 26,000-27,500/t while CDRI prices were at INR 27,000-31,600/t.

South African RB2 coal prices remained stable today. Non-coking RB2 (5500 NAR) coal exw-Gangavaram is assessed at INR 9,400/t ($113/t).

Bulk bookings were seen across regions today which ultimately led to a rise in daily spot trade volumes.

About 37,440 t of sponge iron transactions were recorded in the country on Monday compared to 9,500 t on 29 March.

According to sources, the price rise is also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 200-950/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