- Weak sales dampen trading sentiment
- Prices likely to remain volatile this week
India’s induction furnace (IF) steel prices witnessed mixed trends d-o-d across regions on 5 October 2026.
Sponge iron prices decreased by INR 50-300/t d-o-d. Prices dropped the steepest in Bellary and Hyderabad by INR 300/t to INR 31,000/t and INR 31,700/t respectively. However, prices majorly rose by INR 300/t in Chennai location to INR 31,800/t.
Billet prices decreased by INR 100-700/t d-o-d. Prices fell the sharpest in Ahmedabad by INR 700/t to INR 47,800/t. Meanwhile, prices inched up in Raipur market by INR 200/t to INR 45,600/t.
Rebar (Fe 500) prices shown variation by INR 100-500/t d-o-d. Prices majorly fell by INR 300/t in Raipur to INR 48,200/t and in Chennai location, prices increased by INR 500/t to INR 53,000/t.
Today, the market witnessed a slowdown in buying interest, with limited enquiries and reduced transactional activity in the spot market. Fresh booking orders weakened, resulting in slower offtake across both the semi-finished and finished steel segments. Sellers remained primarily focused on executing earlier bookings and dispatches, while fresh order inflows remained subdued.
Meanwhile, Mills attempted to stimulate sales by offering discounts or reducing offers which can vary location wise. Given the prevailing market conditions, 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 16,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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