Indian DRI, billet, rebar update - 8 May

• Buyers remain cautious, avoid bulk bookings
  
  
• Manufacturers reduce offers amid dull trading
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 8 May 2026.

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

Billet prices dropped by INR 100-400/t d-o-d across locations, with the highest decrease of INR 400/t recorded in Durgapur and Rourkela, where prices reached INR 40,700/t and INR 40,100/t respectively.

Rebar (Fe 500) prices dropped by INR 200-500/t d-o-d. Prices fell by INR 400/t in Raipur to INR 44,500/t.

Today, buying activity remained low-to-moderate, with participants largely restricting purchases to immediate requirements. Weak demand in the finished steel segment remained the key factor behind the continued decline in sponge iron and billet prices, with buyers resisting bulk bookings. Mills faced inventory pressure of around 8-12 days in the finished steel segment, though this varied by region.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,250/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)