- Finished steel prices climb on raw material tightness
- Lack of sales pressure keeps market sentiment firm
India’s induction furnace (IF) steel prices rose d-o-d across regions on 8 September 2026.
Sponge iron prices increased by INR 50-500/t d-o-d. Prices rose the steepest by INR 500/t in Chennai to INR 30,500/t.
Billet prices rose by INR 100-1,000/t d-o-d across locations, with the highest increase of INR 1,000/t recorded in Chennai market, where prices reached INR 47,500/t.
Rebar (Fe 500) prices surged by INR 100-500/t d-o-d. Prices sharply rose by INR 500/t in Chennai and Hyderabad to INR 50,000 and INR 48,500/t, respectively.
Manufacturers received low to moderate bookings in today’s finished steel trading session. Prices remained supported by rising raw material (sponge iron and billet) offers across regions. Sellers continued to raise finished steel offers amid tight raw material availability. Moreover, the absence of significant sales pressure encouraged manufacturers to push prices higher. Prices are expected to remain firm this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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