Indian DRI, billet, rebar update - 16 Jun

• News of power tariff hike supports prices in central India
  
  
• Producers in other regions reduce offers amid weak sales
  
  

India's induction furnace (IF) steel prices shown mixed trend d-o-d across regions on 16 June 2026.

Sponge iron prices remain unchanged d-o-d in most of the locations except in Durgapur and Ramgarh where prices decreased by INR 50/t to INR 23,500/t and INR 23,300/t respectively. Meanwhile, prices rose by INR 50/t in Raipur to INR 24,050/t.

Billet prices fluctuated by INR 50-100/t d-o-d across locations, with the highest decrease of INR 100/t recorded in Mandi Gobindgarh, where prices reached INR 42,800/t. However, prices rose the sharpest in Raipur, Ramgarh and Jalna regions by INR 100/t to INR 38,800/t, INR 39,150/t and INR 40,800/t respectively.

Rebar (Fe 500) prices varied by INR 100-200/t d-o-d. Prices fell by INR 200/t in Rourkela and Mandi Gobindgarh to INR 41,800/t and INR 47,600/t respectively, whereas in Raipur price increased the steepest by INR 200/t to INR 41,700/t.

Overall sales activity in the market remained limited on a d-o-d basis. Prices climbed up, specifically in the central belt, due to the announcement of an increase in industrial electricity tariffs in Chhattisgarh by 40 paise/unit (INR 0.40/kWh). These higher tariffs, which would be effective from 1 July 2026, are likely to raise the production costs of power-intensive steel value chain participants, particularly induction furnace (IF) operators, ferro alloy producers, and re-rolling mills.

However, buying activity remained dull today, and in most other regions across India, mills provided discounts or reduced offers to boost sales. Mill inventory levels were at around 10-15 days across regions, indicating a buildup in stocks and reflecting weaker demand in the finished steel segment. As per the current scenario, prices are likely to remain on the weaker side this week across most regions, except for the central belt, where expectations of rising costs could support prices.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,750/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)