- Finished steel prices rise by INR 100-1,700/t d-o-d
- Trade volumes soften as buyers resist higher price levels
Domestic sponge iron prices rose by around INR 50-550/t d-o-d across regions on 29 September 2026, supported by positive market sentiment, as the previous day’s buying boosted seller confidence. BigMint’s Raipur PDRI price settled at around INR 29,300/t, up INR 50/t d-o-d.
The increase was mainly driven by higher raw material costs, especially coal, while tight coal availability kept prices on the higher side. Although sponge iron demand remained slow, rising input costs and improved momentum in finished steel pushed prices up. However, buyers largely stayed on the sidelines and resisted higher offers, leading to need-based purchases only.
Overall trade activity remained limited, as most buyers had already booked material in the previous session and procured only as per requirement. BigMint recorded trade volumes of around 7,000 t, down by nearly 6,000 t from the previous day. This reflects a cautious buying approach, with buyers unwilling to chase prices at elevated levels.
Rationale
Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given aweightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
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