- Weak demand seen despite lower offers
- Low market participation amid holiday mood
Sponge iron prices across markets witnessed a day-on-day (d-o-d) decline of INR 100-650/t on 23 October 2025, as market activity remained subdued following the extended holiday period. Limited participation from buyers kept overall trading sentiment weak, with most participants still in a holiday mood.
The sharpest correction was observed in the Raigarh region, where demand remained sluggish, leading to notable price adjustments. A few deals were reported at lower offer levels, though overall market activity was largely inactive.
Approximately 5,000 tonnes of sponge iron deals were concluded during the day, reflecting muted participation. Meanwhile, pellet prices in Raipur slipped to INR 9,850-9,900/t ($112/t) exw-Raipur, tracking similar weakness in the broader raw material market.
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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