- Buyers stay on sidelines, bulk bookings absent
- Rising inventory pressure prompts lower offers
India’s induction furnace (IF) steel prices fell d-o-d across regions on 28 April 2026.
Sponge iron prices decreased in the range of INR 50-300/t d-o-d, with the sharpest decline of INR 300/t seen in Chennai, where prices settled at INR 28,000/t.
Billet prices dropped by INR 50-300/t d-o-d across locations, with the highest decrease of INR 300/t recorded in Chennai, where prices reached INR 45,000/t.
Rebar (Fe 500) prices dropped by INR 100-1,000/t d-o-d. Prices declined the steepest in Jalna by INR 1,000/t, where prices stood at INR 50,000/t.
Market sentiment remained soft and trading subdued amid weak finished steel sales, with buyers staying on the sidelines, restricting purchases to immediate needs. Manufacturers reduced offers or provided discounts to liquidate material because of rising inventory pressure across commodities.
Going by current market trends, prices may remain weak in the coming days owing to a lack of finished steel orders.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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