Indian DRI, billet, rebar update - 22 May

India's induction furnace (IF) steel prices fell d-o-d across regions on 22 May 2026.

Sponge iron prices showed mixed trends in the range of INR 200-300/t d-o-d, with the sharpest decline of INR 300/t recorded in Ramgarh, where prices settled at INR 23,950/t. However, prices rose in Chennai market by INR 300/t to INR 26,800/t.

Billet prices dropped by INR 100-600/t d-o-d across locations, with the highest decrease of INR 600/t recorded in Jalna, where prices reached INR 40,800/t.

Rebar (Fe 500) prices dropped by INR 100-800/t d-o-d with the sharpest drop of INR 800/t seen in Delhi.

Buying activity remained weak today, with market participants limiting purchases to immediate requirements. Continued pressure in the finished steel segment due to sluggish sales, absence of fresh orders, and rising inventory levels weighed on sponge iron and billet prices, while buyers largely avoided bulk procurement amid cautious sentiment.

Manufacturers continued to face inventory pressure, with finished steel inventories estimated at around 1015 days, although levels differed across regions. As a result, mills were forced to lower their offers along with giving discounts to boost sales activities.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,050/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)