- Low to moderate trade activities were notices d-o-d
- Prices may remain firm this week if trade momentum continues
India’s induction furnace (IF) steel prices seen variation d-o-d across regions on 28 July 2026.
Sponge iron prices varied INR 50-200/t d-o-d across locations, with the sharpest increase of INR 200/t seen in Bellary and Chennai, where prices reached INR 26,500/t and INR 27,000/t respectively.
Billet prices fluctuated by INR 50-700/t d-o-d across locations, with the highest increase of INR 700/t recorded in Jalna, where prices reached INR 41,500/t. Meanwhile, prices sharply lowered by INR 400/t to INR 38,100/t in Raigarh location.
Rebar (Fe 500) prices were up by INR 200-600/t across locations. The steepest rise of INR 600/t was recorded in Jalna at INR 44,800/t. However, prices noticed marginal drop of INR 200/t in Mandi Gobindgarh to INR 47,100/t.
Prices found support on a d-o-d basis as mills raised offer prices in most of the regions, supported by tightening raw material availability and healthy order bookings in the last couple of days.
However, fresh bookings remained low to moderate, with buyers largely restricting purchases after procuring material actively over the past three to five days.
On the supply side, sellers remained under no immediate pressure to conclude sales and maintained higher offer prices, particularly in the finished steel segment.
Prices are expected to remain firm this week, supported by regional raw material tightness and the absence of selling pressure. However, the pace of fresh bookings will depend on buyers willingness to accept higher offer levels after 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 13,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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