India: Sponge prices decline d-o-d amid need-based buying

• Enquiries remain limited amid adequate bookings earlier
  
  
• Trade volumes fall sharply amid lower buyer participation
  
  

Indian sponge iron prices declined by INR 50-200/t d-o-d across regions on 23 April 2026. Buying activity remained muted throughout the day, with buyers restricting procurement strictly to need-based requirements. With sufficient material already secured in earlier sessions, enquiries were limited, and trade volumes stayed subdued. Overall market sentiment remained cautious, keeping transactions largely minimal.

Buying activity across both finished and semi-finished steel segments also remained weak, with minimal enquiries in the market. Overall participation was limited.

The recorded trade volume today stood at around 4,800 t, compared to approximately 10,600 t in the previous session, indicating a notable decline in market activity. The drop in volumes reflects weaker buying interest and relatively lower 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%.

Click here for detailed methodology