- Buyers stay on sidelines, engage in need-based purchases
- Prices likely to remain volatile these week
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 5 August 2026.
Sponge iron prices fell by INR 50-100/t d-o-d, with the sharpest decline of INR 100/t recorded in Raigarh and Jharsuguda to INR 24,900/t and INR 24,500/t respectively.
Billet prices varied by INR 50-300/t d-o-d across locations, with the highest decrease of INR 200/t recorded in Raigarh, where prices reached INR 38,200/t. Prices rose in Hyderabad by INR 300/t to INR 41,000/t.
Rebar (Fe 500) prices fluctuated by INR 100-300/t d-o-d. Prices fell by INR 200/t in most locations such as Raipur, and Raigarh location. However, sharpest increased seen in Ahmedabad market by INR 300/t to INR 46,200/t.
Market sentiment remained weak as buyers adopted a cautious stance. Trading activity stayed largely subdued, with procurement limited to immediate requirements amid slow market movement. The persistent weakness in finished steel demand also discouraged buyers from procuring raw materials, particularly sponge iron and billets, as they preferred to maintain lean inventories. As per current scenario, unless sales activities improve significantly, mills are expected to continue offering discounts to liquidate inventories across commodities.
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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