- Trading subdued amid cautious buyer sentiment
- Prices may remain volatile this week
India’s induction furnace (IF) steel prices fell on 7 January 2026 due to subdued buying in most regions.
Sponge iron offers fell by INR 100-500/t d-o-d, with the steepest drop of INR 500/t to INR 26,800/t in Chennai.
Billet prices dropped by INR 50-500/t d-o-d across locations, with the steepest fall of INR 500/t in Mumbai, where prices settled at to INR 43,000/t.
Rebar (Fe 500) prices decreased by INR 100-800/t d-o-d. Prices decreased the highest in Ahmedabad, by INR 800/t to INR 49,300/t.
Trading activity was subdued, with most market participants staying on the sidelines. Expectations of further price correction weighed on market sentiment, resulting in limited spot transactions. Lack of fresh bookings in the finished steel segment forced sellers to offer discounts to stimulate demand. As a result, trade volumes remained confined to need-based buying.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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