- Sellers reduce offers d-o-d amid subdued demand
- Buyers adopt wait-and-watch mode amid decline in prices
India’s induction furnace (IF) steel prices dropped d-o-d across major regions on 23 April 2026.
Sponge iron prices dropped by INR 50-200/t d-o-d, with drop of INR 200/t seen in Hyderabad market.
Billet prices also declined by INR 100-10000/t d-o-d acorss major locations, with the highest drop of INR 1000/t recorded in Goa, where prices reached INR 43,500/t.
Rebar (Fe 500) prices dropped d-o-d across major locations. Prices dropped by INR 400/t in Raigarh. Meanwhile, prices in some markets remained stable d-o-d, while prices in Goa market witnessed rise of INR 200/t d-o-d.
Trading activities were subdued across major Indian steel markets today. Buyers adopted a wait-and-watch mode & seller reduced offers to attract buying interest. Meanwhile, reduced prices failed to attract buying interest.
Overall, the market is expected to remain weak in this week based on the current scenario as demand in semis & finish steel is subdued.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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