- Moderate bookings seen in today’s trading session
- Prices likely to remain firm this week on lack of sales pressure
India’s induction furnace (IF) steel prices rose sharply d-o-d across regions on 16 September 2026.
Sponge iron prices increased by INR 100-200/t d-o-d, with the sharpest hike of INR 200/t recorded in Bellary, Chennai and Ramgarh markets.
Billet prices increased by INR 50-500/t d-o-d across locations, with the highest upside movement seen of INR 500/t recorded in Chennai and Hyderabad markets, where prices reached INR 48,500/t and INR 47,000/t respectively.
Rebar (Fe 500) prices rose by INR 100-600/t d-o-d. The steepest increase of INR 600/t was seen in Raipur, to INR 47,300/t.
Manufacturers received moderate bookings in today’s trading session across the semi-finished and finished steel segments. Prices remained supported by rising sponge iron and billet offers across regions. On the supply side, sellers faced no immediate sales pressure and maintained higher offers. Prices expected to remain firm in coming days, supported by received healthy order booking past few days. However, the pace of fresh bookings will depend on buyers willingness to accept higher offer levels after recent procurement activity.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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