- Spot offers edge down as demand recovery eludes
- Weak finished steel sentiment weighs on market
Sponge iron prices in India declined by INR 100-350/t across major markets on 24 September 2025, as weak demand and uncertainty regarding prices kept buyers on the sidelines. Most deals were limited to need-based procurement, with bulk bookings avoided amid prevailing uncertainty.
Muted activity from the downstream steel sector compelled sellers to trim offers, though buyer resistance remained minimal. Enquiries were sparse, and procurement was confined to immediate requirements, underscoring cautious market behaviour and a lack of confidence in price stability.
Trade volumes remained low, with daily transactions assessed at around 6,700 t, underscoring subdued market participation. Regional variations were minimal, and overall sentiment stayed negative as market players continued to adopt a conservative approach.
Market outlook stayed negative, as participants refrained from speculative buying in the absence of supportive cues from semi-finished and finished steel segments.
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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