- Prices show mixed trends amid need-based buying activity
- Prices expected to remain volatile these week
India’s induction furnace (IF) steel prices witnessed mixed trend d-o-d across regions on 2 September 2026.
Sponge iron prices decreased by INR 100-600/t d-o-d. Prices dropped the steepest in Raigarh by INR 500/t to INR 28,500/t. However, prices inched up in Chennai location by INR 200/t to INR 30,200/t.
Billet prices decreased by INR 150-800/t d-o-d. Prices fell the sharpest in Jalna by INR 800/t to INR 44,700/t.
Rebar (Fe 500) prices fluctuated by INR 100-700/t d-o-d. Prices rose by INR 100/t in both Mumbai and Ahmedabad to INR 49,700/t and INR 50,200/t, respectively. Meanwhile, in Raipur, prices dropped by INR 700/t to INR 44,200/t.
Today, the market witnessed moderate trading activity in semi-finished steel segment at lower rates. In finished steel, slower sales and weaker fresh bookings dragged prices lower in most markets. Market participants reported that buyers largely restricted procurement to immediate requirements. Meanwhile, dispatches and material lifting continued for previous orders.
Prices are expected to remain volatile during the current week, with market direction likely to depend on the pace of new order bookings and improvements in end-user demand.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply