- Improved bookings push sellers to raise offers today
- Prices expected to remain firm this week
India’s induction furnace (IF) steel prices sharply surged d-o-d across regions on 28 September 2026.
Sponge iron prices increased by INR 400-1,250/t d-o-d, with the sharpest hike of INR 1,250/t recorded in Raipur to INR 29,250/t.
Billet prices rose by INR 500-1,700/t d-o-d across locations, with the highest increase of INR 1,700/t seen in Raigarh to INR 45,000/t.
Rebar (Fe 500) prices increased by INR 500-1,400/t d-o-d, with the sharpest hike of INR 1,400/t recorded in Raipur to INR 47,900/t.
Steel prices increased today as booking activity improved over the past 2-3 days across both semi-finished and finished steel segments. The pickup in fresh bookings encouraged sellers to raise offers, while healthy trading activity was also heard across key locations today.
The improvement in bookings provided sellers with the confidence to raise offers. Limited availability of raw materials also continued to provide additional support to steel prices. Such factors strengthened sellers’ pricing stance and reduced the scope for immediate downward price corrections.
Prices are expected to remain firm this week. However, the pace of fresh bookings will depend on buyers’ willingness to accept the higher offers.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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