- Sellers in central, eastern, northern markets trim offers to attract buyers
- Southern prices rise INR 200/t as strong bookings earlier boost seller confidence
Indian sponge iron prices corrected by INR 50-100/t d-o-d on 28 July 2026 amid limited demand and subdued spot inquiries across most regions. Sellers in central, eastern, and northern markets softened offers slightly to attract buyers. However, the southern region remained an exception, with prices rising by INR 200/t as strong bookings in the previous session boosted seller confidence. BigMint’s PDRI Raipur assessment stood at INR 25,500/t ex-works, down by INR 100/t from the previous day.
Market sentiment
Market activity remained muted as both buyers and sellers had already secured adequate material in recent sessions, resulting in limited fresh enquiries. Despite weak demand, most sellers refrained from offering steeper discounts because they had already sold sufficient volumes and are currently focused on dispatching existing orders. Trading activity was largely need-based, with no significant bulk bookings reported, highlighting the cautious buying sentiment prevailing in the market.
Raw material and trade activity
On the raw material front, Raipur raw pellet prices are higher side at around INR 10,100/t, adding cost pressure for sponge iron producers and limiting further price corrections. Trading volumes also reflected the sluggish sentiment, with BIGMINT recording only 8,500 t of sponge iron trades today, nearly 7,500 t (around 50%) lower than the previous session. The sharp decline in traded volumes indicates that buyers continue to restrict purchases amid weak market fundamentals.
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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