- Sellers remain open to reducing prices to attract buyers
- Limited semis, finished steel trade weighs on market
India’s sponge iron prices declined by INR 100-300/tonne (t) d-o-d across regions on 07 May 2026. In the benchmark Raipur market, prices fell by INR 200/t to INR 25,650/t exw.
Buying activity remained low and need based only during the day, with subdued bidding amid cautious buyer sentiment. Sellers also attempted to negotiate at lower levels from their initial offers to attract buyers. However, due to limited enquiries and cautious market participation, trade activity remained subdued with only a few deals concluded.
Additionally, buying activity remained limited across both semi-finished and finished steel segments, keeping overall sentiment in the sponge iron market on the weaker side.
BigMint recorded sponge iron trade volumes of around 6,300 t, down from approximately 10,200 t in the previous session, indicating a slowdown in market activity.
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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