- Weak finished steel sentiment weighs on market
- Festive season keeps trading activity sluggish
Sponge iron prices in India dropped by INR 100-250/tonne (t) across major markets on 29 September 2025, as subdued demand and price uncertainty kept buyers cautious. Most transactions were restricted to need-based procurement, with bulk bookings largely avoided due to prevailing market ambiguity.
Muted activity from the downstream steel segment prompted sellers to reduce offers, though buyer resistance remained low. Inquiries were limited, and purchases were confined to immediate requirements, reflecting cautious sentiment and a lack of confidence in price direction.
Trading remained sluggish amid the ongoing festive season, with around 7,000 t of deals concluded. Inquiries stayed thin, and most buyers avoided large-scale purchases, sticking to immediate needs.
Participants continued to adopt a wait-and-watch approach, anticipating clarity in price trends post-festivities.
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%.
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