Indian DRI, billet, rebar update - 22 Apr

• Sellers raise offers after receiving strong bookings yesterday
  
  
• Buyers pause purchases after securing material previously
  
  

India's induction furnace (IF) steel prices rose d-o-d across major regions on 22 April 2026.

Sponge iron prices increased by INR 150-350/t d-o-d, with the sharpest rise of INR 350/t seen in Raipur. Meanwhile, prices were down by INR 50/t d-o-d in Ramgarh today.

Billet prices also rose by INR 200-800/t d-o-d, with the highest rise of INR 800/t recorded in Ahmedabad, where prices reached INR 46,300/t.

Rebar (Fe 500) prices rose by INR 100-500/t d-o-d across major locations. Prices rose by INR 500/t in Ahmedabad. Meanwhile, prices in some markets remained stable d-o-d.

Trading activities were subdued across major Indian steel markets today, even as prices rose d-o-d. Buyers adopted a wait-and-watch stance, having secured material yesterday. Sellers, buoyed by good bookings from the previous day, raised their offers accordingly.

Overall, the market is expected to remain volatile in the near term, with direction largely dependent on the pace of demand recovery in the finished steel segment.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,300/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)