- IF steel prices remained mixed-to-downward across key markets
- Buying remained subdued amid higher prices and limited trade activity
India’s induction furnace (IF) steel prices showed a mixed-to-downward trend d-o-d across major markets on 18 September 2026.
Sponge iron prices declined by INR 100-200/t d-o-d, with the sharpest correction of INR 200/t recorded mainly across central and southern markets.
Billet prices moved in mixed directions across regions. Raipur and Rourkela witnessed increases of INR 150/t and INR 300/t, respectively, while prices in other markets declined by INR 50-700/t. Chennai recorded the steepest fall of INR 700/t.
Rebar (Fe 500) prices also remained mixed. Raipur and Rourkela prices increased by INR 100/t and INR 200/t, respectively, whereas other markets registered declines of INR 100-300/t.
Buying activity remained slow to moderate across the semi-finished and finished steel segments. In the western region, heavy rainfall in Gujarat disrupted market activity, while Mumbai remained subdued amid the festive season. Eastern markets also witnessed limited buying interest. Additionally, elevated price levels prompted buyers to resist fresh bookings, with procurement particularly limited in the finished steel segment. Going forward, fresh bookings are likely to remain contingent on buyers’ willingness to accept prevailing higher offer levels.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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