India: Sponge iron prices rise slightly in key markets even as demand slows

• Trading volumes nearly halve d-o-d
  
  
• Semis, finished steel demand weaken
  
  

India's sponge iron market witnessed a slight upward trend on 30 April 2026, with prices increasing by INR 50-400/t across regions, while most markets remained largely stable. In the key Raipur market, prices rose by INR 150/t to INR 25,700/t ex-works.

Buying activity remained moderate today, easing from the stronger momentum seen in the previous session. The slowdown was primarily due to improved procurement yesterday, which prompted sellers to raise prices. However, the price increase, coupled with sufficient buying in the prior session, led to reduced purchasing interest today. As a result, procurement levels softened compared to the notably higher market participation and offtake recorded yesterday.

In the downstream segments of semi-finished and finished steel, demand also moderated compared to the previous day. As a result, procurement in the sponge iron market was lower.

BigMint recorded trade volumes of around 10,000 t, compared to approximately 19,800 t in the previous session, indicating a decline in market activity and procurement levels. The drop in volumes reflects relatively weaker buying interest and reduced participation from market players.

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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