Indian DRI, billet, rebar update - 12 May

• Dull buying enquiries kept market sentiments soft
  
  
• Rising Inventories and cautious steel demand weigh on market
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 12 May 2026.

Sponge iron prices decreased by INR 100-450/t d-o-d, with the sharpest decline of INR 450/t recorded in Ramgarh, where prices settled at INR 24,950/t. However, prices slight rose by INR 100/t in Raigarh to INR 24,500/t.

Billet prices lowered by INR 100-400/t d-o-d across locations, with the highest decrease of INR 400/t recorded in Ahmedabad and Ramgarh markets, where prices reached INR 43,500/t and INR 40,100/t respectively.

Rebar (Fe 500) prices dropped by INR 200-500/t d-o-d. Prices fell by INR 500/t in Chennai, Hyderabad and Jalna markets to INR 50,000/t, INR 47,500/t and INR 47,700/t respectively.

Today, buying activity remained subdued at prevailing price levels, particularly in the finished steel segment. In the current market scenario, buyers are avoiding aggressive procurement and continuing with need-based purchases. Manufacturers are facing sales pressure amid rising inventories (10-12 days region wise vary) and sluggish market activity.

Considering the weak market conditions, buyers are procuring limited volumes of billet and sponge iron. Meanwhile, sellers are offering discounts or lowering spot offers to liquidate material. As per the prevailing market sentiment, the market is likely to remain subdued this week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,850/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)