- Buyers stay on sidelines, engage in need-based purchases
- Manufacturers reduce offers amid dull trading activities
India’s induction furnace (IF) steel prices fell d-o-d across regions on 28 May 2026.
Sponge iron prices decreased by INR 50-300/t d-o-d, with the sharpest fall of INR 300/t to INR 24,000/t.
Billet prices dropped by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Chennai, where prices reached INR 41,000/t.
Rebar (Fe 500) prices decreased by INR 100-300/t d-o-d. Prices fell the sharpest in Raigarh by INR 300/t to INR 42,300/t.
Today, buying activity remained low to moderate across locations, and manufacturers reduced offers due to soft market sentiment. Sales activity in the finished steel segment slowed, leading to weakness in sponge iron and billet prices. In the past 2-3 days, buyers have already procured material in moderate volumes in most regions. Such factors pushed buyers to stay on the sidelines and procure material on need based basis. Considering the current market scenario, prices are likely to remain firm these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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