The Indian sponge iron market witnessed sluggish trading activity, with prices declining by INR 50-300/t across major regions amid weak demand. The sharpest correction was seen in Raipur, where sponge iron prices settled at INR 25,450/t ex-works. According to BigMint’s market assessment, approximately 8,000 t of sponge iron trades were recorded.
BigMint’s billet index declined by INR 200/t to INR 38,600/t exw-Raipur. The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,150/t.
According to BigMint’s latest assessment, Fe 57% iron ore fines remained unchanged w-o-w at INR 2,700/t ($28/t) ex-mines. Meanwhile, Fe 62% iron ore fines held steady w-o-w at INR 5,000/t ($52/t) ex-mines.
The following sheet summarises confirmed trades /offers of iron and steel products collected by BigMint to help our users keep track of day-to-day trade dynamics.
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