- Mills trim offers or provide discounts amid muted trade activity
- Weak finished steel demand weighs on sponge iron, billet sales
India’s induction furnace (IF) steel prices declined d-o-d across regions on 23 June 2026.
Sponge iron prices decreased by INR 50-100/t d-o-d across all locations, except Durgapur, where prices increased slightly by INR 50/t d-o-d to INR 23,400/t.
Billet prices eased by INR 100-300/t d-o-d across locations, with the highest decrease of INR 300/t recorded in Ahmedabad, where prices reached INR 41,800/t.
Rebar (Fe 500) prices dropped by INR 100-300/t across regions. The sharpest decline of INR 300/t was seen in Raipur, where prices stood at INR 41,400/t.
Trading activity remained largely subdued today, with mills offering trade discounts or reducing offers to stimulate sales. Mill inventories stood at around 12-15 days, varying across regions, reflecting higher stocks amid weak demand in the finished steel segment. As a result, buyers continued to procure sponge iron and billets cautiously and only against immediate requirements. Given the prevailing market conditions, prices are expected to remain under pressure this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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