- Buyers stay on sidelines, engage in need-based deals
- Prices continue to remain under pressure
India’s induction furnace (IF) steel prices fell d-o-d across regions on 7 August 2026.
Sponge iron prices decreased by INR 50-400/t d-o-d. Prices fell by INR 400/t in Raigarh to INR 24,550/t.
Billet prices fell by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Raigarh and Hyderabad, where prices reached INR 37,600/t and INR 40,500/t respectively, whereas in Chennai prices increased by INR 200/t.
Rebar (Fe 500) prices remained mostly stable while decreasing in some regions by INR 100-300/t d-o-d. Prices fell by INR 300/t in Raipur and Raigarh to INR 40,300/t and INR 39,500/t.
Market sentiment remained weak as buyers adopted a cautious stance. Trading activity stayed subdued in finished steel as well as semi-finished steel, with procurement limited to immediate requirements amid slow market movement. To support sales and sustain liquidity, mills either lowered their offers or offered discounts as per previous booking orders. Sellers primarily focused on executing earlier bookings, while new order inflows remained muted.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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