Indian DRI, billet, rebar update - 1 Jun

• Lower trading volumes as observed d-o-d
  
  
• Rising inventories push mills to reduce offers
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 1 June 2026.

Sponge iron prices decreased by INR 100-500/t d-o-d, with the sharpest decline of INR 500/t recorded in Jharsuguda, where prices settled at INR 23,300/t.

Billet prices dropped by INR 200-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Hyderabad and Mandi Gobindgarh, where prices reached INR 40,500/t and INR 42,800/t respectively.

Rebar (Fe 500) prices dropped by INR 100-700/t d-o-d. Prices fell the steepest of INR 700/t in Raigarh to INR 41,500/t.

Today, buying activity remained sluggish throughout the day. Weak sales and rising inventories (assessed at around 10-15 days, varying region-wise) in the finished steel segment remained the key factor behind the continued decline in sponge iron and billet prices, with buyers resisting bulk bookings. Therefore, manufacturers were compelled to reduce their offers. As per current market scenario, prices likely to remain slow this week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,100/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)