- Spot offers edge down as caution grips buyers
- Finished steel prices weaken further by INR 100-200/t
The Indian sponge iron market remained under pressure on 26 September, with prices declining by INR 100-200/t across regions. The sharpest drop was observed in Ramgarh where offers fell by INR 200/t on the back of weak buying interest and prevailing negative sentiment.
Muted activity in the downstream steel sector compelled sellers to trim offers to trigger demand. However, buyers stayed on the sidelines, restricting procurement to immediate requirements. Sparse enquiries highlighted cautious purchasing behaviour, with uncertainty looming over near-term price trends.
Daily trade volumes were reported at around 3,800 t, reflecting subdued market participation. Regional price movements were largely uniform, and overall sentiment stayed bearish, with most market participants adopting a wait-and-watch approach.
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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