- IF steel prices decline amid weak demand
- Extreme price volatility keeps buyers cautious
India’s induction furnace (IF) steel prices declined d-o-d on 19 March 2026 across most regions.
Sponge iron offers fluctuated in the range of INR 50-300/t d-o-d, with the sharpest rise of INR 200/t in Raigarh, where prices settled at INR 25,700/t and a major drop of INR 300/t in Chennai market to INR 28,700/t.
Billet prices dropped by INR 100-500/t d-o-d across locations, with the steepest decrease of INR 500/t occurring in Hyderabad to INR 43,000/t.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d. The steepest price decline of INR 500/t took place in Hyderabad to INR 49,000/t.
Overall, the IF-route steel market (semi-finished and finished long products) showed no improvement in prices. Negative sentiment in north India weighed on buying activity, as buyers remained cautious amid high volatility. Prices may continue to decline until demand for finished steel improves. 
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