Indian DRI, billet, rebar update - 5 May

• 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 5 May 2026.

Sponge iron prices decreased by INR 50-400/t d-o-d, with the sharpest decline of INR 400/t recorded in Bellary, where prices settled at INR 26,200/t.

Billet prices dropped by INR 150-400/t d-o-d across locations, with the highest decrease of INR 400/t recorded in Raigarh, Ramgarh, Ahmedabad and Mandi Gobindgarh where prices reached INR 41,300/t, INR 41,500/t, INR 45,400/t and INR 44,900/t respectively.

Rebar (Fe 500) prices dropped by INR 200-400/t d-o-d. Prices steepest fell by INR 400/t in Raipur and Raigarh locations to INR 45,600/t and INR 45,200/t respectively.

The market remained cautious and trading was subdued 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, the market may remain weak in the near term as mills face selling pressure amid rising finished steel inventories of around 8-12 days, varying by region.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)