- Raigarh records sharpest correction in sponge prices
- Need-based demand keeps trade volumes soft
The domestic sponge iron market remained under pressure on 7 August 2026, with prices declining across most regions due to weak buying interest and subdued demand from finished steel manufacturers. BigMint assessed Raipur PDRI prices at INR 25,350/t, down INR 100/t, while prices across key markets fell by INR 50-400/t, reflecting cautious market sentiment and need-based procurement.
In the PDRI segment, prices declined by INR 50-400/t, with the sharpest correction of INR 400/t recorded in Raigarh, where sellers reduced offers to improve sales. CDRI prices also weakened by INR 100-250/t, led by a INR 250/t drop in Raigarh. BigMint assessed Rourkela CDRI prices at INR 25,800/t, down INR 150/t, as buyer participation remained limited at prevailing price levels.
Buyers had earlier already secured sufficient inventories, restricting purchases to immediate requirements. Weak finished steel demand continued to weigh on sponge iron consumption, while elevated raw material costs squeezed producers’ margins. Despite sellers lowering offers to attract buyers, trading activity remained subdued. BigMint recorded overall trade volume of around 13,000 t today, highlighting limited enquiries, limited trade flow, and cautious market participation.
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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