- Buyers stay on sidelines, engage in need-based purchases
- Manufacturers reduce offers amid lack of fresh order bookings
India’s induction furnace (IF) steel prices fell d-o-d across regions on 21 May 2026.
Sponge iron prices decreased by INR 50-150/t d-o-d, with the sharpest decline of INR 150/t recorded in Durgapur, where prices settled at INR 23,950/t. However, prices rose in Chennai market by INR 500/t to INR 26,500/t.
Billet prices dropped by INR 50-250/t d-o-d across locations, with the highest decrease of INR 250/t recorded in Ramgarh, where prices reached INR 39,300/t.
Rebar (Fe 500) prices dropped by INR 200-500/t d-o-d. Prices fell by INR 500/t in Mumbai to INR 46,800/t.
Today, buying activity remained sluggish, with participants restricting themselves to need-based buying. Lack of fresh order bookings, rising inventories and poor offtake of previous material 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, with inventory assessed at around 10-15 days in the finished steel segment, though this varied from region to region. Therefore, manufacturers were compelled to reduce their offers.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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