On February 19, prices for the induction furnace (IF-route) steel market in India witnessed a decline due to weak demand and higher uncertainty in the overall market. Many types of IF-route steel dropped in price compared to the previous day, as such: Induction furnace steel ₹1000, sponge iron prices by ₹100-₹250, billet by ₹200-₹1000, and rebar (Fe 500) in the range of ₹100-₹500. Although there were various degrees of price drops and locations where price drops occurred, all were largely influenced by low demand for finished steel products, and uncertainty regarding future price increases influenced most buyers in Northern markets from making new purchases, negatively affected by market volatility.

The market is likely to remain under pressure unless there is a significant increase in demand for finished steel products. Any recovery in prices will depend on stronger construction activity, improved liquidity in the supply chain, and stabilization in regional demand trends.