India: BF-rebar trade prices drop by INR 200/t ($2/t) w-o-w ahead of festive season

• Slow demand weighs on market sentiments
• IF-rebar prices drop w-o-w amid slow trades

India’s trade-level blast furnace (BF) rebar prices declined on a w-o-w basis across major markets. Major primary mills either offered discounts or reduced list prices this week amid subdued market sentiment. Buying activity remained weak across regions ahead of the festive season.

Trade-level BF rebar prices edged down by INR 200/tonne (t) ($2/t) w-o-w to INR 46,900/t ($533/t) exy-Mumbai, as per BigMint’s assessment on 17 October 2025. Prices are exclusive of GST at 18%.

In the projects segment, prices remained in the range of INR 46,000-47,000/t ($523-535/t) FOR Mumbai. Market activity stayed subdued as buyers continued to adopt a wait-and-watch approach.

Update on projects

• Dilip Buildcon-APMPL JV won a 100 MW solar project from MP Jal Nigam in Mandsaur under captive mode for 25 years.
• KEC International secured orders for INR 1,102 crore across civil, transportation, T&D, and cables segments, including a 150 MW thermal power plant project.
• L&T’s Hydrocarbon Onshore unit secured an ultra-mega Middle East order to build a Natural Gas Liquids plant with allied facilities.
• G R Infraprojects Ltd received an LOA from the State Highways Authority of Jharkhand for constructing the 26.67 km Giridih Bypass (Tundi) Road project worth INR 290.23 crore.
• Ircon International Ltd signed a non-binding MoU with Coal India Ltd in Kolkata to develop rail infrastructure for Coal India and its subsidiaries.
• Afcons Infrastructure Ltd received a contract worth approximately INR 576 crore (including GST) for civil and allied infrastructure works.
• L&T secured major Middle East grid infrastructure orders, including 400 kV and 132 kV substations and 380 kV transmission lines for renewable energy integration.
• KEC International Ltd has secured a new order of INR 1,064 crore for the design, supply, and installation of a 380 kV transmission line in Saudi Arabia.
• KEC International secured INR 1,174 crore orders for transmission and distribution projects, including 800kV and 765kV lines in India and 380kV lines in Saudi Arabia.
• KEC International secured an INR 1,038 crore order in Saudi Arabia for the design, supply, and installation of a 380 kV GIS substation.

Factors behind market dynamics

1. IF-rebar prices decline w-o-w: IF-rebar trade prices declined w-o-w across Indian markets this week. Trade prices dropped amid subdued trading activities ahead of the festive week. Manufacturers reduced their prices and offered discounts owing to slow trading. Inventory levels were still high at 14-15 days across regions. IF rebar prices fell INR 300/t ($3/t) w-o-w to INR 42,200/t ($480/t) exw-Mumbai as of 17 October 2025.

The BF-IF rebar price gap stood at around INR 4,500-5,000/t ($51-57/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.

2. Raw material prices stable w-o-w: BigMint’s Odisha iron ore fines (Fe 62%) index was stable w-o-w at INR 5,300/t ($60/t) ex-mines on 11 October. Iron ore prices in Odisha remained largely stable this week, amid limited availability and cautious buying ahead of the festive season. Recent merchant miner auctions saw full sales of fines, while lump demand stayed moderate.

Australian premium hard coking coal (PHCC) prices were stable w-o-w at $206/t CNF Paradip.

Outlook
Trade-level prices of rebars may see a slight downtrend in the coming days amid the festive season and low buying activities.