- Finished steel buyers stay cautious amid higher prices
- Billet and pig iron trading remains active
India’s induction furnace (IF)-route steel prices showed an upward trend across regions on 12 August 2026.
Sponge iron prices increased by INR 100-500/t d-o-d across regions, with the Durgapur market registering the steepest uptick of around INR 400-500/t.
Billet prices also witnessed an upward trend, with d-o-d movements ranging from INR 100-500/t across major markets. The highest increase was observed in the Gujarat market.
IF-route rebar (Fe 500) prices increased by INR 100-900/t d-o-d across key markets, with the steepest uptick of INR 900/t recorded in Muzaffarnagar following the reopening of the market after Kavad/Kanwar Yatra festival.
Trading activity in billet and pig iron remained relatively active across regions, with mills and traders continuing to cover their immediate requirements. However, finished steel buying remained low to moderate as higher prices prompted buyers to turn cautious. Negotiations intensified across the market, with buyers reluctant to accept further price increases and largely adopting a wait-and-watch approach. Consequently, fresh bookings in finished steel remained limited, while semi-finished steel continued to witness comparatively better trade activity.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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