- IF-route steel prices decline d-o-d as weak construction demand weighs on buying
- Cautious procurement and elevated inventories keep market sentiment under pressure
India’s induction furnace (IF) steel prices decreased d-o-d across regions on 10 July 2026.
Sponge iron prices declined by INR 100-150/t d-o-d across markets, except in the Raigarh market where the prices rose by INR 50/t and settled at around INR 22,500/t.
Billet prices eased by INR 50-300/t d-o-d across major markets Prices, however, remained largely unchanged in the western and southern regions. Meanwhile, Bhavnagar recorded a INR 100/t increase, taking billet prices to INR 40,000/t.
IF-route rebar (Fe 500) prices softened by INR 100-500/t d-o-d across key markets, with Rourkela, Raipur, Jalna, and Delhi witnessing the sharpest decline of INR 500/t.
Buyers remained cautious amid subdued day-on-day trading activity, as sluggish construction activity and weak retail demand continued to weigh on market sentiment. Elevated inventory levels, estimated at around 10-15 and 12-17 days across most regions, prompted sellers to either lower spot offers or extend trade discounts to facilitate material movement.
The persistent weakness in finished steel demand also discouraged aggressive procurement of raw materials, particularly sponge iron and billets. Most buyers preferred to maintain lean inventories and procure material only against immediate production requirements, reflecting limited confidence in a near-term demand recovery.
Given the prevailing demand weakness, ample inventories, and cautious procurement sentiment, prices are expected to remain under pressure over the next few trading sessions 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 14,600/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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