- Heavy rains, liquidity crunch dampen trade activity
- IF rebar tags fluctuate, mills trim offers to boost sales
India’s trade-level blast furnace (BF) rebar prices declined w-o-w, weighed down by subdued domestic demand and sluggish market activity due to monsoon rains in several regions. Liquidity constraints in the market also impacted trade activity.
Trade-level BF rebar prices edged down by INR 200/tonne (t) ($2/t) w-o-w to INR 47,000/t ($533/t) exy-Mumbai, as per BigMint’s assessment on 19 September 2025. Prices are exclusive of GST at 18%.
In the projects segment, prices hovered between INR 45,500-46,500/t ($516-528/t) FOR Mumbai.
Update on projects
- L&T’s Transportation Infrastructure arm secured a large NHSRCL order to construct 156 km ballastless track for the Mumbai-Ahmedabad Bullet Train, covering underground and elevated sections.
- NCC Limited received a major order from Bihar’s Water Resources Department for constructing the Barnar Reservoir Scheme in Jamui district, including dam structures, irrigation channels, and associated works, to be executed over 30 months.
Factors behind market dynamics
1. IF rebar prices show mixed movements: India’s induction furnace (IF) route rebar prices witnessed mixed trends w-o-w. Buying activity was largely limited to immediate requirements, although this varied according to region. Manufacturers either increased trade discounts or reduced prices to encourage sales. Inventory levels were at around 10-12 days, with regional variations. Lifting of previously booked materials was smooth. Market participants expect prices to remain range-bound in the near term.
As of 19 September 2025, IF rebar prices increased by a marginal INR 300/t ($3/t) w-o-w to INR 44,400/t ($503/t) exw-Mumbai.
The BF-IF rebar price gap stood at around INR 2,500-3,000/t ($28-34/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.
2. Raw material prices show divergent trends w-o-w: BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,500/t ($62/t) ex-mines on 13 September 2025.
Odisha iron ore prices remained firm this week, with a limited number of trades concluded at prevailing offers. Market participants waited for the upcoming Odisha Mining Corporation (OMC) auction, scheduled for 19 September, which is expected to set the tone for the market and provide price clarity in the near term.
Australian premium hard coking coal (PHCC) prices edged up by $2/t w-o-w to $203/t CNF Paradip.
Outlook
In the short term, BF rebar prices may move within a narrow range at the current levels, as demand remains limited to immediate needs.
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