India’s induction furnace (IF) steel market witnessed subdued activity today, with mills reducing offers by INR 50-500/tonne (t) d-o-d across product categories on 22 August 2025.
Sponge iron offers fell by INR 50-200/t d-o-d, with a steep fall of INR 200/t seen in Raipur market.
Billet tags fell by INR 50-500/t d-o-d, with the steepest drop of INR 500/t witnessed in the Hyderabad market.
Rebar (Fe 500) tags drifted down by INR 100-300/t d-o-d, with a sharp decline of INR 300/t seen in Raigarh and Raipur.
The spot market continued to witness subdued buying activity today. Over the past few days, there has been a noticeable decline in enquiries and sluggish order bookings, primarily due to volatility in raw material prices, particularly sponge Iron and billet. Additionally, heavy rains across several regions have further dampened market sentiment. These factors are putting pressure on manufacturers, compelling them to reduce offers in order to liquidate inventories and maintain sales flow.
Given the current scenario, prices are likely to remain under pressure in the near term unless there is a revival in demand or stabilisation in raw material costs.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,650/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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