Indian DRI, billet, rebar update - 24 Apr

• Buyers stay on sidelines, bulk bookings absent
  
  
• Manufacturers reduce offers amid dull trading activities
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 24 April 2026.

Sponge iron prices decreased by INR 200-400/t d-o-d, with the sharpest decline of INR 400/t recorded in Bellary, where prices settled at INR 26,500/t.

Billet prices dropped by INR 50-300/t d-o-d across locations, with the highest decrease of INR 300/t recorded in Mumbai, where prices reached INR 45,000/t.

Rebar (Fe 500) prices dropped by INR 200-400/t d-o-d. Prices dropped by INR 400/t in Jalna and Mumbai to INR 51,600/t and INR 50,700/t respectively.

The market remained cautious and trading was limited amid weak finished steel sales, with buyers restricting purchases to immediate needs. Manufacturers reduced offers or provided discounts to liquidate material.

Going by current trends, prices may remain weak in the coming days owing to a lack of order bookings 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 16,100/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)