- Buyers adopt wait-and-watch stance
- Semis, finished steel prices fall sharply
India’s sponge iron prices declined sharply by INR 200-700/t d-o-d across regions on 8 April 2026, primarily driven by the panic situation following the ceasefire announcement between the United States and Iran, which weighed on overall steel market sentiment. Market activity remained subdued, with buying interest largely muted as both buyers and sellers adopted a wait-and-watch approach. Notably, no significant enquiries were observed in the market, with participants awaiting better clarity on price direction and overall market outlook.
Across both finished and semi-finished steel segments, prices declined sharply. Demand turned notably subdued, as market participants refrained from procurement and adopted a wait-and-watch approach. The muted buying interest reflected uncertainty, with stakeholders awaiting clearer direction and overall market stability.
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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