- Mills lower offers on weak sales
- Market likely to remain slow this week
India’s induction furnace (IF) steel prices fell d-o-d across regions on 9 October 2026.
Sponge iron prices decreased by INR 200-300/t d-o-d. Prices dropped the steepest in Bellary, Chennai and Durgapur markets by INR 300/t to INR 30,300/t, INR 31,500/t and INR 27,650/t respectively.
Billet prices dropped in the range of INR 200-600/t d-o-d. Prices fell the sharpest in Ahmedabad by INR 600/t to INR 47,400/t.
Rebar (Fe 500) prices decreased across locations by INR 300-600/t. Prices majorly dropped in Raipur by INR 600/t to INR 48,400/t.
Market sentiment remained soft and trading subdued on weakening finished steel and semi-finished steel sales, with buyers restricting purchases to immediate needs.
To liquidate material and maintain liquidity, manufacturers reduced offers or provided discounts amid sluggish buying activity. Sellers primarily focused on executing earlier bookings and dispatches, while fresh order inflows remained limited. Given the prevailing market conditions, prices are likely to remain under pressure this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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