- Subdued trade activities witnessed across markets
- Producers reduce offers, buyers engage in need-based deals
India’s induction furnace (IF) steel prices fell d-o-d across regions on 31 July 2026.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Bellary, where prices settled at INR 26,000/t.
Billet prices fell by INR 50-300/t d-o-d across locations, with the highest decrease of INR 300/t recorded in Mumbai and Ahmedabad where prices reached INR 41,500/t and INR41,000/t respectively.
Rebar (Fe 500) prices dropped by INR 100-200/t d-o-d across locations, with an INR 200/t drop in Rourkela, Raigarh, Chennai, Hyderabad and Ahmedabad markets to INR 40,500/t, INR 39,500/t, INR 46,800/t, INR 44,500/t and INR 45,700/t respectively.
Market participants reported subdued trading activity today, with buying interest remaining largely need-based. Persistent weakness in finished steel sales over the last two-three days have weighed on sentiment, prompting several producers to lower offers or extend discounts to accelerate material movement. As a result, most buyers limited procurement to immediate requirements, while fresh bookings remained thin.
Market participants expect prices to remain largely weak this week, with direction likely to depend on the pace of fresh bookings and any improvement in finished steel demand.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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