- Rising billet prices support higher sponge iron tags
- Buyers ramp up purchases on price hike expectations
India’s sponge iron prices surged further d-o-d on 24 July 2025, driven by strong buying momentum and increased spot inquiries. Price hikes ranged between INR 50-800/tonne (t) across major production and consumption hubs.
Market highlights
- Spot bookings increased as buyers aimed to secure inventory ahead of further expected hikes, triggering a demand push.
- Neighboring regional markets echoed similar trends with improved sentiment and firm bookings, adding upward pressure on offers.
- The semi-finished and finished steel segments continued to show strength, contributing to a supportive market atmosphere.
- Billet prices rose INR 150-600/t, with the highest increases recorded in Gujarat and Maharashtra, reinforcing bullish cues in sponge iron pricing.
Sponge iron trade volumes surged to 34,400 t across India, from 26,600 t recorded on 23 July, reflecting a notable d-o-d increase in trading activity.
Rationale
Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.
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