- Limited trade activities were witnessed in the market
- Producers reduce offers or provide discounts to attract buyers
India’s induction furnace (IF) steel prices fell d-o-d across regions on 7 July 2026.
Sponge iron prices decreased by INR 50-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Raipur, where prices settled at INR 23,100/t.
Billet prices fell by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Chennai where prices reached INR 41,500/t.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d across locations, with an INR 500/t drop in Chennai to INR 45,500/t.
Market participants said that trading activity has remained limited today. 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 sponge iron or billet purchases. However, market likely to remain under pressure these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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