- Limited trades observed across regions
- Prices likely to remain supported this week
India’s induction furnace (IF) steel prices showed mixed trends d-o-d on 16 July 2026.
Sponge iron prices fluctuated by INR 50-300/t d-o-d, with the sharpest rise of INR 300/t seen in Chennai, where prices reached INR 26,200/t. However, major drop of INR 200/t seen in Durgapur market to INR 22,900/t.
Billet prices varied by INR 100-500/t d-o-d across locations, with the highest increase of INR 500/t recorded in Jalna, where prices reached INR 40,000/t.
Rebar (Fe 500) prices saw fluctuations by INR 100-500/t and the major hike of INR 500/t was witnessed in Mumbai location to INR 42,700/t.
Trading activity remained limited to moderate today, with procurement limited to immediate requirements as market participants adopted a wait-and-watch approach following active buying over the past two days. Buyers largely refrained from fresh purchases after meeting their near-term requirements.
Despite the slow trading activity, prices continued to find support from the improved booking activity witnessed over the last two days, particularly in the finished goods segment. Under the current market scenario, prices are expected to remain supported through the rest of the week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,350/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply