- Weak finished steel demand weighs on market sentiment
- Producers reduce offers or provide discounts to attract buyers
India’s induction furnace (IF) steel prices fell d-o-d across regions on 3 July 2026.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Raipur, where prices settled at INR 23,550/t.
Billet prices fell by INR 50-200/t d-o-d across locations, with the highest decrease of INR 200/t recorded in Raigarh and Ahmedabad, where prices reached INR 37,900/t and INR 41,200/t respectively.
Rebar (Fe 500) prices dropped by INR 100-300/t d-o-d across locations, with an INR 300/t fall in Raipur to INR 41,000/t.
Market participants said that trading activity has remained subdued for more than a month due to persistently weak retail demand. Inventory levels across most IF clusters were estimated at around 10-15 to 12-17 days, varying by region. The persistent demand weakness has prompted producers to reduce offers or provide discounts to accelerate material movement. With finished steel offtake remaining sluggish, mills preferred maintaining lean raw material inventories rather than undertaking aggressively fresh sponge iron or billet purchases. As per the current scenario, prices are likely to remain under pressure in the coming days.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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