- Slow finished steel demand keeps buying limited
- Raipur PDRI settles at INR 29,400/t, down INR 50/t
Sponge iron prices fell by INR 50-300/t d-o-d across regions on 5 October 2026, with the Chennai region seeing the sharpest drop of around INR 300/t. BigMint’s Raipur PDRI price settled at around INR 29,400/t, down marginally by INR 50/t. Low buyer participation and limited enquiries slowed the market and kept sentiment subdued.
Buyers remained cautious, and demand stayed limited to need-based purchases. The main reason was slow demand for finished steel: finished steel sellers were under pressure, so buying remained limited. Sponge iron sellers reduced offers to attract buyers, but buyers booked only need-based material.
BigMint recorded overall trade volume of around 10,000 t, slightly higher than the previous day. Even so, overall trade remained low, reflecting limited buyer participation, and trading momentum stayed soft.
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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