- Buyers stay on sidelines, refrain from bulk bookings
- Manufacturers reduce offers amid dull trading activities
India’s induction furnace (IF) steel prices fell d-o-d across regions on 7 May 2026.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Durgapur, where prices settled at INR 25,750/t.
Billet prices dropped by INR 100-450/t d-o-d across locations, with the highest decrease of INR 450/t recorded in Raipur, where prices reached INR 41,200/t.
Rebar (Fe 500) prices dropped by INR 100-400/t d-o-d. Prices fell by INR 400/t in Raipur to INR 45,000/t.
Today, buying activity remained low to moderate, with participants largely restricting purchases to immediate requirements. Weak demand in the finished steel segment remained the key factor behind the continued decline in sponge iron and billet prices, with buyers resisting bulk bookings. Mills faced inventory pressure of around 10-12 days in the finished steel segment, though this varied by region. This prompted manufacturers to reduce their offers.
As per the current scenario, the market is likely to remain under pressure this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,550/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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