- Weak demand reflects in reduced market participation
- Buyers remain cautious, engage in need-based procurement
India’s sponge iron prices recorded a marginal decline of INR 50-200/t across regions on 31 March 2026, reflecting a slightly softer market tone. However, prices in Jharsuguda and Chennai remained stable to slightly or on the higher side, indicating localised support in these markets.
The overall sentiment stayed largely steady despite the minor correction, with buyers continuing to follow a cautious and need-based procurement approach. The recent price softness has led to some improvement in enquiries, though transactions remained measured.
In the finished and semi-finished steel segments, prices moved upward, supported by higher input costs. However, buying activity remained limited to moderate, as participants continued to procure cautiously in line with immediate requirements.
Trade volumes witnessed a sharp decline, dropping to around 2,700 t from approximately 11,700 t in the previous session, indicating weakened demand and reduced market participation. This significant fall reflects cautious buying sentiment, with participants largely limiting purchases to immediate requirements.
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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