India’s induction furnace (IF) steel market witnessed subdued activity today, with mills reducing offers by INR 50-400/tonne (t) d-o-d on 7 August 2025.
Sponge iron offers dropped by INR 100-200/t d-o-d. However in the Chennai market prices rose up to INR 200/t.
Billet tags dropped by INR 50-350/t d-o-d, with the highest fall of INR 350/t witnessed in the Ramgarh market.
Rebar (Fe 500) tags moved down by INR 100-400/t d-o-d. Prices dropped highest in Durgapur by INR 400/t.
Today, too, the market remained slow and fewer transactions were concluded. Buyers procured material cautiously amid sluggish demand for finished steel and raw materials in the spot market. Mills gave discounts depending upon payment and delivery terms to liquidate material. Prices are likely to remain rangebound in the near term, BigMint notes.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 13,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
