- Buyers stay on sidelines, engage in need-based purchases
- Manufacturers reduce offers due to lack of fresh bookings
India’s induction furnace (IF) steel prices fell d-o-d across regions on 1 July 2026.
Sponge iron prices decreased by INR 50-200/t d-o-d, with the sharpest decline of INR 200/t recorded in Bellary, where prices settled at INR 25,000/t.
Billet prices lowered by INR 50-300/t d-o-d across locations, with the highest decrease of INR 300/t recorded in Ahmedabad, where prices reached INR 41,500/t.
Rebar (Fe 500) prices remain dropped by INR 100-200/t d-o-d across the locations, the major fall in Durgapur market by INR 200/t to INR 41,000/t.
Today, buying activity remained subdued and a lack of fresh booking orders compelled sellers to reduce prices and offer discounts to attract buyers. In the finished steel segment, mills reported sales at around 50-70% of production, while inventory levels remained elevated at approximately 12-15 days, although these varied across regions. The combination of weak offtake and high inventories continued to discourage buyers from procuring sponge iron and billets.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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