Indian DRI, billet, rebar update - 9 Jun

• Buyers stay on sidelines, engage in need-based purchases
  
  
• Manufacturers reduce offers due to lack of fresh bookings
  
  

India's induction furnace (IF) steel prices fell d-o-d across regions on 9 June 2026.

Sponge iron prices decreased by INR 100-200/t d-o-d, with the sharpest decline of INR 200/t recorded in Hyderabad and Bellary, where prices settled at INR 25,900/t and INR 25,900/t respectively.

Billet prices dropped by INR 50-150/t d-o-d across locations, with the highest decrease of INR 150/t recorded in Ramgarh, where prices reached INR 38,850/t.

Rebar (Fe 500) prices dropped by INR 100-300/t d-o-d. Prices fell by INR 300/t in Hyderabad and Raipur to INR 44,000/t and INR 41,400/t respectively.

Today, buying activity remained dull, with buyers restricting themselves to need-based purchases. The lack of fresh order bookings, rising inventories and poor offtake of previously booked material 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, with inventory assessed at around 10-15 days in the finished steel segment, though this varied from region to region. Therefore, manufacturers were compelled to reduce their offers.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,450/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)