- Cautious buyers make need-based purchases
- Semis, finished steel markets also remain muted
Indian sponge iron prices declined again by INR 100-400/t d-o-d across regions on 24 April 2026, extending the ongoing price correction in the market.
Buying activity remained muted, with participants restricting procurement strictly to immediate requirements. Market sentiment stayed cautious throughout the day, with buyers adopting a wait-and-watch approach amid uncertainty regarding price trends. Enquiries were limited, reflecting weak buying interest, while overall trade activity remained subdued with limited transactions.
Buying activity across both finished and semi-finished steel segments also remained weak, with minimal enquiries in the market. Overall participation was limited.
BigMint recorded trade volumes for around 5,700 t, compared to approximately 4,800 t in the previous session, indicating weak market activity. The continuous lower volumes reflects weaker buying interest and lower participation from market players.
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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