- Sponge iron, billet, rebar prices increase across markets
- Festive procurement needs sustain enquiries
India’s induction furnace (IF) steel prices increased across regions on 21 October 2026.
Sponge iron prices rose by INR 100-450/t d-o-d, with the steepest increases of INR 400-450/t recorded in Durgapur and Raigarh.
Billet prices increased by INR 100-600/t d-o-d, with the sharpest hike of INR 600/t observed in Mumbai and Bhavnagar.
Meanwhile, rebar (Fe 500) prices rose by INR 200-800/t across key markets, with the highest increase of INR 800/t recorded in Delhi and Jaipur.
Market buying activity remained moderate, with healthy enquiries from buyers but limited purchasing at higher price levels. Festival-related disruptions affected procurement activities, prompting buyers to step forward with enquiries to fulfil their immediate requirements. Prices are expected to maintain a positive bias in the coming days, supported by active market enquiries.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 16,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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