- Raigarh market see steepest rebar price drop
- Mills reduce offers, provide discounts amid weak sales
India’s induction furnace (IF) steel prices fell d-o-d across regions on 16 October 2026.
Sponge iron prices decreased by INR 50-400/t d-o-d. Prices dropped the steepest in Raigarh by INR 400/t to INR 27,300/t. Meanwhile, prices increased by INR 500/t in Chennai location to INR 30,500/t.
Billet prices dropped in the range of INR 150-400/t d-o-d. Prices fell the sharpest in Ahmedabad by INR 400/t to INR 46,400/t.
Rebar (Fe 500) prices decreased across locations by INR 100-500/t. Prices majorly dropped in Raigarh market by INR 500/t to INR 46,100/t.
Market participants reported subdued trading activity today, with buying interest remaining largely need-based. Persistent weakness in finished steel demand continued to weigh on the market, prompting several producers to either lower offers or provide discounts to accelerate material movement.
Prices are expected to remain under pressure during the current week. Until buying activity strengthens, need-based procurement and cautious trading are expected to dominate the market.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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