Indian DRI, billet, rebar update - 2 Jul

• Buyers stay on sidelines, engage in need-based purchases
  
  
• Weak sales activities keeps market under pressure
  
  

India's induction furnace (IF) steel prices shown mixed trend d-o-d across regions on 2 Jul 2026.

Sponge iron prices fluctuated by INR 50-200/t d-o-d, with the sharpest decline of INR 200/t recorded in Jharsuguda to INR 22,800/t.

Billet prices fell by INR 50-450/t d-o-d across locations, with the highest decrease of INR 450/t recorded in Ramgarh, where prices reached INR 38,550/t.

Rebar (Fe 500) prices dropped by INR 100-200/t d-o-d. Prices fell by INR 200/t in most of the locations such as Raipur, Raigarh, Rourkela, Mumbai and Mandi Gobindgarh.

Market sentiment remained weak as buyers adopted a cautious stance. Trading activity stayed largely subdued, with procurement limited to immediate requirements amid slow market movement. Unless demand improves significantly, mills are expected to continue offering discounts to liquidate inventories, keeping finished steel prices under downward pressure in the coming days.

The persistent weakness in finished steel demand also discouraged buyers from procuring raw materials, particularly sponge iron and billets, as they preferred to maintain lean inventories.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)