- Market remains cautious despite uptick in trade
- Buying activity largely restricted to lower offers
Sponge iron prices across India declined by INR 50-200/tonne (t) on 7 November 2025, as weak demand and limited inquiries continued to weigh on market sentiment. Most trades were concluded at lower prices, reflecting buyers’ cautious stance, while producers resisted deeper price cuts despite persistent selling pressure in key producing regions.
Overall sentiment remained subdued, driven by continued weakness in semi-finished and finished steel segments. Buying activity was largely restricted to lower offers, with participants anticipating further price corrections in the near term.
Daily trade volumes were assessed at around 16,000 t, up from 12,000 t the previous day, indicating a moderate improvement in market participation. Compared to the last few days, sellers showed greater willingness to offer competitive rates; however, buyers largely maintained a wait-and-watch approach amid uncertainty in price trends.
Meanwhile, pellet prices in Raipur held steady at INR 10,000/t DAP, reflecting stability in the raw material segment.
Today, NMDC auctioned 5,000 t of steel-grade pig iron, with the entire lot booked at an average price of INR 30,850/t (by road).
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 here for detailed methodology
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