- 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 7 October 2026.
Sponge iron prices decreased by INR 50-300/t d-o-d. Prices dropped the steepest in Durgapur by INR 300/t to INR 28,300/t.
Billet prices seen variation by INR 50-500/t d-o-d. Prices fell the sharpest in Chennai by INR 500/t to INR 49,000/t. Meanwhile, prices inched up in Ahmedabad market by INR 200/t to INR 48,500/t.
Rebar (Fe 500) prices seen mixed response across the locations by INR 100-300/t. Majorly in Jalna, where prices up by INR 200/t and in Durgapur, prices fell by INR 200/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 16,600/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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