- All segments see limited bookings d-o-d
- Mills reduce prices, offer discounts to stimulate bookings
India’s induction furnace (IF) steel prices fell d-o-d across regions on 24 September 2026.
Sponge iron prices decreased by INR 150-600/t d-o-d. Prices dropped the steepest in Hyderabad by INR 600/t to INR 30,400/t.
Billet prices decreased by INR 100-500/t d-o-d. Prices fell the sharpest in Hyderabad by INR 500/t to INR 45,000/t. Meanwhile, in Raigarh location, prices slight rose by INR 200/t to INR 43,000/t.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices fell by INR 500/t in Hyderabad to INR 50,500/t.
Market participants reported low to moderate trading activity d-o-d across regions. Despite the decline in prices, buying interest improved slightly in most of the markets, particularly in second half of trading session, at lower price levels. However, buyers remained cautious and avoided aggressive procurement of raw materials. Mills reduced offers or provided discounts to accelerate material movement. Given the current market dynamics, prices are expected to remain volatile this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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