- Buyers stay on sidelines, engage in need-based purchases
- Prices likely to remain volatile this week
India’s induction furnace (IF) steel prices fell d-o-d across regions on 31 August 2026.
Sponge iron prices increased by INR 50-600/t d-o-d. Prices steepest rise by INR 600/t in Hyderabad and Chennai to INR 30,500/t and INR 30,200/t respectively. Although, prices dropped marginally in Raipur and Jharsuguda region by INR 100/t and 50/t to INR 29,600/t and INR 28,300/t respectively.
Billet prices seen upside movement by INR 50-500/t d-o-d across locations, with the highest increase of INR 500/t recorded in Jalna and Chennai markets, where prices reached INR 45,700/t and INR 46,500/t respectively. Meanwhile, prices lowered in Raigarh market by INR 250/t to INR 42,250/t.
Rebar (Fe 500) prices fluctuated by INR 100-700/t d-o-d. Prices rose by INR 700/t in Rourkela to INR 45,500/t, while in Raipur market, prices dropped by INR 600/t to INR 45,100/t.
Today, trading activity remained subdued on a d-o-d basis. On the supply side, sellers remained under no immediate pressure to conclude sales and maintained higher offer prices, particularly in the finished steel segment.
However, weak buying interest in both semi-finished and finished steel at elevated offer levels continued to slow trading activity. This is putting pressure on mills to adjust trade prices in line with previous booking orders.
Prices are expected to remain rangebound in the coming days, with market direction likely to depend on the pace of fresh order bookings and improvement in end-user demand.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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