- Weak sales, slow fresh bookings dampen trading
- Prices likely to remain under pressure this week
India’s induction furnace (IF) steel prices fell d-o-d across regions on 23 September 2026.
Sponge iron prices decreased by INR 100-1,200/t d-o-d. Prices dropped the steepest in Chennai by INR 1,200/t to INR 30,300/t.
Billet prices decreased by INR 300-950/t d-o-d. Prices fell the sharpest in Ramgarh by INR 950/t to INR 43,150/t.
Rebar (Fe 500) prices decreased by INR 100-700/t d-o-d. Prices majorly fell by INR 700/t in Ahmedabad and Raipur markets to INR 51,300/t and INR 46,400/t respectively.
Market participants reported subdued buying activity across regions today. Persistent weakness in finished and semi-finished steel sales at higher offer levels continued to weigh on the market, prompting several producers to lower offers sharply or provide discounts to accelerate material movement. Fresh booking orders remained slow, adding pressure to trading activity, particularly in the finished steel segment. Buyers remained cautious and avoided aggressive procurement of sponge iron and billet across regions. Prices are expected to remain under pressure this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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