- Buyers take advantage of lower prices to make purchases
- Healthy sponge iron trade seen on improved steel demand
Indian sponge iron prices fell by around INR 100-700/t d-o-d across regions on 24 September 2026. The decline reflected bearish sentiment and poor buying participation during the early part of the session. BigMint’s benchmark Raipur PDRI prices settled at around INR 27,750/t ex-Raipur, stable d-o-d.
Market conditions remained weak in the first half of the day. Sluggish finished steel demand and thin buyer participation pushed sellers to reduced their offers, and deals were concluded at lower levels.
Sentiment improved in the second half, however, as a slight recovery in finished steel demand supported the overall market. Buyers returned after a three-day lull, and healthy buying was recorded. This renewed participation boosted seller confidence, with many sellers holding their offers and avoiding deep discounts. Market participants now expect stronger buying momentum and an upward price movement later this week.
Since prices fell to relatively low levels this week, buyers took the opportunity to make purchases, resulting in healthy trade activity across regions. BigMint recorded around 17,000 t of sponge iron trade, reflecting active buyer participation and robust trading momentum.
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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