- Elevated stocks, weak finished steel demand dampen sentiment
- Prices fall d-o-d as manufacturers reduce quotes, offer discounts
India’s induction furnace (IF) steel prices fell d-o-d across regions on 8 June 2026.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Ramgarh, where prices settled at INR 23,500/t.
Billet prices dropped by INR 50-450/t d-o-d across locations, with the highest decrease of INR 450/t recorded in Mandi Gobindgarh, where prices reached INR 42,900/t.
Rebar (Fe 500) prices dropped by INR 100-300/t d-o-d. Prices fell by INR 300/t in Ahmedabad, Raigarh and Rourkela markets to INR 47,800/t, INR 41,200/t, INR 42,700/t respectively.
Today, trading activity was largely subdued. To boost sales, mills either offered trade discounts or reduced offers in the market. Mill inventories were at around 10-15 days across regions, indicating elevated stocks and weaker demand in the finished steel segment. Consequently, buyers resisted procuring material aggressively in sponge iron and billets as well. As per the current market scenario, prices are likely to remain weak this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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