India - Sponge Iron holds steady with mild uptick as war uncertainty weighs on market activity

• Prices steady with slight uptick after prior sharp decline
  
  
• Weak demand and subdued trade amid cautious sentiment
  
  

India's sponge iron prices remained largely stable, with a slight upward bias of INR 50-200/t d-o-d across regions on 9 April 2026, following the steep decline witnessed in the previous session amid panic-driven selling. Market sentiment continued to stay under pressure due to ongoing war-related uncertainties and lingering ceasefire developments between the United States and Iran.

The combined impact of geopolitical volatility and cautious market outlook led participants to adopt a strict wait-and-watch stance. Consequently, trading activity stayed largely subdued, with buying interest remaining weak and enquiry levels negligible, as stakeholders refrained from taking positions pending clearer visibility on price trends and overall market direction.

Prices across both finished and semi-finished steel segments remained largely stable, reflecting a cautious yet steady market sentiment. Demand continued to be subdued, as participants refrained from aggressive procurement and maintained a wait-and-watch approach. Buying interest remained muted, as market participants continued to hold back, seeking clearer signals on price direction and broader market stability.

The recorded trade volume stood at around 3,400 tonnes, reflecting the subdued market conditions and cautious sentiment prevailing across the regions.

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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