en.Wedoany.com Reported - Sponge iron prices in major Indian markets rose by INR 300 to 700 per tonne in a single day, driven by increased buyer interest. Strengthening finished steel demand supported the semi-finished steel market in key consuming regions, while rising raw material costs continued to squeeze producers' profit margins, with this price adjustment offering some relief to sponge iron manufacturers. BigMint data shows that sponge iron prices in Raipur stood at approximately INR 25,700 per tonne, up by around INR 400 per tonne from the previous trading day.

The Rourkela market recorded the highest gains, with local prices rising by approximately INR 700 per tonne, supported by stronger regional demand and increased market inquiries. Buyers who had previously adopted a wait-and-see approach gradually returned to the market, and trading sentiment improved in the eastern and central regions, with industry expectations pointing to further upside potential in prices.

Trading activity saw a notable uptick during this session. According to BigMint, sponge iron transaction volumes reached approximately 23,000 tonnes, an increase of nearly 8,000 tonnes from the previous trading day, reflecting higher buyer participation and strengthened market confidence.

Regarding pricing methodology, this price is derived from a comprehensive dataset of transactions, offers, bids, and indicative prices. Transaction data is classified as Tier 1, carrying a weight of 50%, while the remaining datasets are classified as Tier 2, accounting for the remaining 50% weight.