- Trading activity improves in central, eastern markets
- Tight sponge iron supply supports higher prices in Raipur
India’s induction furnace (IF) steel prices increased d-o-d across regions on 23 July 2026.
Sponge iron prices increased by INR 50-450/t d-o-d across major locations, with the sharpest rise of INR 450/t recorded in Raipur, where prices reached INR 24,450/t. The uptrend was supported by improved buying interest and firmer market sentiment across key production regions.
Billet prices increased by INR 50-450/t d-o-d across major locations, with the sharpest rise of INR 450/t recorded in the Raipur and Raigarh markets, where prices reached INR 38,250/t and INR 37,600/t, respectively.
Rebar (Fe 500) prices remained stable across most locations, while central and northern India witnessed an increase of INR 100-500/t d-o-d. The sharpest rise of INR 500/t was recorded in the Raipur market, reflecting improved buying interest and stronger market sentiment.
Trading activity improved d-o-d across India’s central and eastern regions, supported by healthy buying interest in both finished and semi-finished steel segments. Market participants reported better enquiries and moderate bookings, indicating an improvement in procurement sentiment compared with the previous trading session.
Manufacturers in Raipur increased sponge iron and billet offers following a shortage of sponge iron availability, prompting suppliers to revise prices upward. The supply tightness, coupled with improved buying activity, supported firmer offer levels in the region.
However, buying sentiment remained subdued across most other markets, where weak sales and limited procurement activity continued to weigh on trading volumes. Market participants largely adopted a cautious approach amid the absence of sustained sales, resulting in uneven market performance across regions.
Given the current market scenario, prices are likely to remain volatile this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,800/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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