- Improved bookings across regions lift market sentiment
- Active sales may help keep steel prices supported this week
India’s induction furnace (IF) steel prices increased d-o-d across regions on 3 August 2026.
Sponge iron prices rose by INR 300-500/t d-o-d across locations, with the sharpest increase of INR 500/t seen in Hyderabad and Bellary, where prices reached INR 27,200/t and INR 26,500/t respectively.
Billet prices rose by INR 250-500/t d-o-d across locations, with the highest increase of INR 500/t recorded in Mumbai, Ahmedabad and Jalna, where prices reached INR 42,000/t, INR 41,500/t and INR 41,000/t respectively.
Rebar (Fe 500) prices climbed up by INR 100-700/t across locations. The highest rise of INR 700/t was recorded in Raipur and Raigarh to INR 40,700/t and INR 40,200/t, respectively.
Prices gained d-o-d due to improved booking activity in both the semi-finished and finished steel segments across major regions. A gradual recovery in sales activity, coupled with active bookings during last Saturday’s trading session, further strengthened market sentiment and provided additional support to prices.
Encouraged by the improved buying interest, sellers raised their offers and attempted to push the market higher. Market participants reported firmer negotiations, supported by better order inflows and increased confidence among sellers.
Based on the current market scenario, prices are expected to remain firm this week, supported by improved booking activity.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,300/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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