- Steel prices soften, sentiment remains guarded
- Marginal uptick in enquiries; procurement need-based
India’s sponge iron prices declined by INR 200-500/t d-o-d across regions on 10 April 2026, amid continued cautious market sentiment. Buying activity remained largely need-based, although some improvement in participation and enquiries was observed after subdued trading in the past few sessions. Despite this, overall market sentiment stayed guarded, with participants closely monitoring ongoing developments and price trends.
Prices in both the finished and semi-finished steel segments witnessed a correction, particularly billets, where the decline was more pronounced. Buying activity was low to moderate and continued to be primarily need-based, though a slight improvement in participation and enquiries was observed.
The recorded trade volume stood at around 7,800 t, up from approximately 3,400 t in the previous session, indicating a slight improvement in market activity. However, procurement remained largely subdued, reflecting continued cautious sentiment among participants despite the marginal uptick.
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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