- Prices surge on healthy bookings in last week
- Prices likely to remain firm amid lack of sales pressure
India’s induction furnace (IF) steel prices rose sharply d-o-d across regions on 24 August 2026.
Sponge iron prices increased by INR 400-1,100/t d-o-d, with the sharpest hike of INR 1,100/t recorded in Raigarh market to INR 27,700/t
Billet prices increased by INR 200-1,000/t d-o-d across locations, with the highest upside movement seen of INR 1,000/t recorded in Chennai, where prices reached INR 45,500/t.
Rebar (Fe 500) prices rose by INR 200-1,000/t d-o-d. The steepest increase of INR 1,000/t was seen in Rourkela, to INR 43,000/t.
Today too, the price rally continued in the spot market, supported by active buying in the last week and a steady flow of healthy booking orders.
Sellers continued to raise their offers as inventory pressure eased, particularly in the finished steel segment, while smooth dispatches of previously booked material further strengthened their confidence. Although, low to moderate trade activity as noticed d-o-d at higher prices varying region wise.
Consequently, market sentiment remained positive, with prices expected to stay firm in the coming days. However, the continuity of new bookings will depend on buyers’ willingness to accept increased offer levels following recent procurement activity.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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