Indian DRI, billet, rebar update - 20 Feb

• Buyers adopt wait-and-watch mode
  
  
• Further price corrections expected
  
  

Indias induction furnace steel prices weakened further on 20 February 2026, as mills reduced their offers.

Sponge iron prices declined by INR 100-300/tonne (t) d-o-d, with the steepest drop of INR 300/t to INR 26,100/t in Bellary.

Billet prices dropped in the range of INR 100-700/t d-o-d across locations. The highest decrease of INR 700/t was seen in Chennai, where prices settled at INR 43,500/t.

Rebar (Fe 500) prices fell by INR 100-400/t d-o-d. The highest drop was observed in Rourkela, where prices decreased by INR 400/t to INR 44,200/t.

Overall, trade activity remained slow, as buyers opted for a wait-and-watch strategy, expecting a further fall in prices.