- Subdued trade activities witnessed in markets
- Producers reduce offers, provide discounts to attract buyers
India’s induction furnace (IF) steel prices fell d-o-d across regions on 9 July 2026.
Sponge iron prices decreased by INR 50-100/t d-o-d, with the sharpest decline of INR 100/t recorded in Raipur, where prices settled at INR 23,150/t.
Billet prices fell by INR 50-600/t d-o-d across locations, with the highest decrease of INR 600/t recorded in Jalna where prices reached INR 39,500/t.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d across locations, with an INR 500/t drop in Rourkela and Mumbai markets to INR 41,000/t and INR 42,900/t respectively.
Market participants reported subdued trading activity today, with buying interest remaining largely need-based. Inventory levels were estimated at around 10-12 days to 12-17 days, varying by region, indicating huge finished steel availability.
Persistent weakness in finished steel demand continued to weigh on the market, prompting several producers to either lower offers or provide discounts to accelerate material movement and reduce inventory. Mills remained reluctant to build raw material stocks aggressively, preferring to maintain lean inventories of sponge iron and billets amid sluggish finished steel offtake and limited order inflows.
Overall market sentiment remained cautious, with participants expecting pressure on prices to persist through these week unless a meaningful improvement in finished steel demand emerges.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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