- Marginal recovery notices in Raipur, Raigarh and Mandi markets
- Buyers focusing on need-based purchases
India’s induction furnace (IF) steel prices fell d-o-d across regions on 2 June 2026.
Sponge iron prices decreased by INR 50-200/t d-o-d, with the sharpest decline of INR 200/t recorded in Raipur, where prices settled at INR 24,450/t.
Billet prices dropped by INR 100-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Hyderabad, where prices reached INR 40,000/t. However, prices inched up INR 100/t in Raipur to INR 38,850/t due to slight improvement in buying activities.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d. Prices fell the steepest by INR 500/t in Chennai to INR 46,500/t.
The market remained cautious, and trading was subdued amid weak finished steel sales in most regions, with buyers staying on the sidelines and restricting purchases to immediate needs. Manufacturers reduced offers or provided discounts to liquidate material. However, a marginal recovery in trading activity was observed in central and northern markets such as Raipur, Raigarh, and Mandi.
Going by current trends, the market may remain volatile, as mills are facing selling pressure amid rising finished steel inventories of around 8-12 days across regions.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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