- Trade volumes decline as buyers delay bulk purchases
- Lower offers fail to generate meaningful buying interest
India’s domestic sponge iron market remained under pressure on 9 July 2026, with prices declining by INR 50-200/t d-o-d across most regions. Sellers continued to reduce offers to secure deals, resulting in most transactions being concluded at the lower end of the prevailing price range. However, lower offers failed to generate meaningful buying interest, keeping overall market activity subdued.
Procurement remained largely need-based as weak finished steel demand continued to weigh on the sponge iron market. Buyers avoided bulk stock replenishment and limited purchases to immediate production requirements, anticipating further price corrections in the near term. The cautious approach stemmed from sluggish downstream steel consumption, which reduced the urgency for fresh raw material bookings. Consequently, even competitive offers from suppliers were insufficient to improve market liquidity.
Trading activity remained slow throughout the day, with no major bulk purchases reported across key markets. Most transactions were confined to small and medium-sized lots, reflecting the cautious stance of both buyers and sellers. BigMint recorded sponge iron trade volumes of around 14,000 t, slightly lower than the previous day, indicating softer market movement and the absence of strong demand support.
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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