- Trade sentiment softens after recent price surge
- Buyers limit purchases after robust orders last week
India’s induction furnace (IF) steel prices witnessed downturn on5 January 2026 due to subdued buying in most regions.
Sponge iron offers fell by INR 200-600/t d-o-d, with the steepest drop of INR 600/t to INR 23,800/t in Raigarh. Prices increased only in Chennai, by a minor INR 100/t to INR 27,400/t.
Billet prices dropped by INR 150-1,300/t d-o-d across locations, with the steepest fall of INR 1,300/t to INR 41,000/t in Hyderabad. Only in Chennai, prices rose by INR 500/t to INR 42,000/t.
Rebar (Fe 500) prices decreased by INR 400-1,000/t d-o-d. Prices decreased the highest in Raigarh, by INR 1,000/t to INR 43,500/t.
Today, lower buying activity was witnessed in the market. Buyers limited aggressive purchases at current elevated prices. Over the past two weeks, a significant price hike was observed across locations, and with buyers having already procured sufficient volumes, demand may soften. As a result, prices may moderate this week.
Notably, Chennai witnessed a uptrend, as buyers continued to procure material at current price levels.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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