- Strong finished steel demand provides market support
- Higher trade volumes reflect strengthening demand
The domestic sponge iron market witnessed an upward movement on September 9, 2026, with prices rising by around INR 50-300/t across key markets. The positive momentum was largely driven by improved market sentiment following yesterday’s gains, along with higher enquiry levels and increased buyer participation.
In Raipur, BigMint’s PDRI price settled at around INR 28,700/t ex-works, marking a slight upward movement of INR 50/t. Higher enquiry levels and stronger buyer participation supported demand, while good bookings in finished steel further strengthened sentiment in the sponge iron market.
Market activity was particularly strong in the Central region. Buyers booked significant quantities during the morning at relatively lower levels, which subsequently boosted seller confidence. As buying interest continued through the day, sellers became more firm on offers, resulting in a further rise in prices during the evening. Overall, the market witnessed healthy buying momentum.
Trade activity also remained robust. BigMint recorded around 17,000 tonnes of trade today, approximately 8,000 tonnes higher than the previous day. The sharp rise in trading volumes indicates healthy demand and stronger buying interest in the market.
Rationale
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