- Buyers mute on dull demand at higher offers
- Mills lower prices to stimulate bookings
India’s induction furnace (IF) steel prices fell d-o-d across regions on 21 September 2026.
Sponge iron prices decreased by INR 100-1,000/t d-o-d. Prices dropped the steepest in Raigarh by INR 1,000/t to INR 28,000/t.
Billet prices decreased by INR 100-600/t d-o-d. Prices fell the sharpest in Ahmedabad by INR 600/t to INR 47,200/t.
Rebar (Fe 500) prices decreased by INR 100-600/t d-o-d. Prices majorly fell by INR 600/t in Jalna to INR 51,200/t.
Trading activity remained largely subdued at higher offers. Buyers limited their purchases to immediate requirements across both finished and semi-finished steel markets, while sellers remained focused on executing earlier bookings and dispatches as fresh order inflows stayed low.
To support sales and maintain liquidity, mills either adjusted trade prices or reduced their offers slightly in line with levels agreed under previous bookings. Going forward, steel prices are expected to remain volatile amid cautious buying.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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