- Mills lower offers on weak sales
- Market likely to remain slow this week
India’s induction furnace (IF) steel prices fell d-o-d across regions on 12 October 2026.
Sponge iron prices decreased by INR 100-700/t d-o-d. Prices dropped the steepest in Chennai market by INR 700/t to INR 30,300/t.
Billet prices dropped in the range of INR 100-1,000/t d-o-d. Prices fell the sharpest in Chennai by INR 1,000/t to INR 48,000/t.
Rebar (Fe 500) prices decreased across locations by INR 100-1,300/t. Prices majorly dropped in Jalna by INR 1,300/t to INR 51,500/t.
Market sentiment remained soft and trading subdued on weakening finished steel and semi-finished steel sales, with buyers restricting purchases to immediate needs.
To liquidate material and maintain liquidity, manufacturers reduced offers or provided discounts amid sluggish buying activity. Sellers primarily focused on executing earlier bookings and dispatches, while fresh order inflows remained limited. Given the prevailing market conditions, prices are likely to remain under pressure this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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