- Weak sentiment persists as market activity slows down
- Lower bids and enquiries weigh on spot offers
The Indian sponge iron market exhibited a downward trend on 8 January 2026, with prices decreasing by INR 200-500/t in the southern, eastern and central regions, influenced by weak enquiries and lower bids.
In contrast, prices witnessed a decline of INR 300-500/t d-o-d in south India, as weak buying interest prompted sellers to reduce offers in an attempt to revive demand. However, buyer response remained minimal on subdued finished steel demand and cautious procurement.
Daily trade volumes were recorded at around 8,800 t in today, indicating reduced participation from both traders and end-users. Pellet prices in Raipur remained at INR 9,600/t exw, with mixed sentiments prevailing in the central region.
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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