- Limited trade activities observed d-o-d
- Rising Inventories and cautious steel demand weigh on market
India’s induction furnace (IF) steel prices fell d-o-d across regions on 11 May 2026.
Sponge iron prices varied by INR 100-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Chennai, where prices settled at INR 26,700/t. However, prices rose sharply in Bellary location by INR 300/t to INR 26,700/t.
Billet prices dropped by INR 50-600/t d-o-d across locations, with the highest decrease of INR 600/t recorded in Ahmedabad, where prices reached INR 43,900/t. Although, prices slight rise in Raigarh market to INR 150/t to INR 40,000/t.
Rebar (Fe 500) prices dropped by INR 100-600/t d-o-d. Prices fell by INR 600/t in Rourkela to INR 44,700/t.
Today, buying activity remained limited, 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 8-12 days in the finished steel segment, though this varied by region.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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