- IF steel prices extend correction amid weak market activity
- Festive disruptions keep buyers cautious and bookings limited
India’s induction furnace (IF)-route steel prices witnessed a downward trend d-o-d across regions on 4 September 2026.
Sponge iron prices decreased by INR 50–400/t d-o-d across the region, with the steepest declines observed in the Jharsuguda and Ramgarh markets at INR 400/t and INR 300/t, respectively.
Billet prices decreased by INR 50–500/t d-o-d, with the sharpest declines recorded in the Jalna and Ramgarh markets at INR 500/t and INR 400/t, respectively.
Rebar (Fe 500) prices also witnessed a downward trend d-o-d, declining by INR 100–500/t across the region. The sharpest corrections were observed in Hyderabad and Raipur, at INR 500/t and INR 300/t, respectively, while Goa recorded the steepest overall decline of INR 1,000/t.
Market activity remained subdued today, with buying largely limited to immediate and need-based requirements across the region. The upcoming festive season further slowed trading activity, while the ongoing price correction prompted buyers to remain on the sidelines and adopt a cautious approach. The Gujarat market remained completely closed today on account of the Krishna Janmashtami festival, further limiting overall market activity in western market.
Prices are expected to remain volatile in the near term, with market direction likely to depend on the pace of fresh order bookings and any improvement 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)
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