Indian DRI, billet, rebar update - 6 May

• Buyers focus on need-based purchases
  
  
• Manufacturers reduce offers amid dull trading
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 6 May 2026.

Sponge iron prices decreased by INR 100-250/t d-o-d, with the sharpest decline of INR 250/t recorded in Durgapur, where prices settled at INR 26,050/t.

Billet prices dropped by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Raigarh and Hyderabad where prices reached INR 40,800/t and INR 42,500/t respectively.

Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d. Prices fell by INR 500/t in Hyderabad to INR 48,500/t.

The market remained sluggish amid weak finished steel sales, with buyers engaging in need-based purchases. 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 15,800/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)