- IF-rebar prices rise on improved bookings
- Inventories at primary mills rise marginally in end-Oct
India’s trade-level blast furnace (BF) rebar prices edged down w-o-w across major markets. Some primary mills either increased their discounts or reduced list prices owing to subdued market sentiments post Diwali.
However, trade-level BF rebar prices increased by 500/tonne (t) ($6/t) w-o-w to INR 47,300/t ($533/t) exy-Mumbai, as per BigMint’s benchmark assessment on 31 October 2025. Prices are exclusive of GST at 18%. Hike in rebar prices by the IF-mills and market optimism led to the hike in offers in Mumbai.
In the projects segment, prices hovered between INR 45,000-46,000/t ($507-518/t) FOR Mumbai.
Inventories at mills rose slightly by around 15% in end-October, compared with levels seen at the beginning of the month, as per sources. This was majorly due to a slow domestic market during the festive season.
Update on projects
- Kalpataru Projects International Ltd (KPIL) and subsidiaries secured new domestic and overseas T&D and B&F orders worth approximately INR 2,332 crore.
- Rail Vikas Nigam Limited emerged as the L1 bidder for INR 144.44 crore OHE upgradation project from South Central Railway between Ramgundam and Kazipet.
- Ircon International received INR 360.28 crore contract from Petronet LNG for civil, structural, and piling works at Dahej PDH-PP plant, Gujarat.
- L&T’s Minerals & Metals business secured major orders from Hindalco and Tata Steel for aluminium smelter, coke oven projects, and multiple equipment supply contracts across India.
- RVNL received a INR 165.54 crore domestic contract from Northeastern Railway for constructing the substructure of Important Bridge No. 50 over River Gandak, to be executed within 24 months.
- NCC received a INR 6,828.94 crore domestic contract from Central Coalfields Limited for OB removal, coal extraction, transportation, and loading operations at Amrapali OCP, Chandragupt Area, over a 7-year period.
- IRCON, in JV with Finolex J-Power Systems (51:49), received a INR 168.40 crore turnkey contract from MSETCL for 220kV transmission line construction under Nagpur Zone, to be completed in 18 months.
- L&T Heavy Engineering won significant domestic and international orders for critical equipment in energy, petrochemical, and nuclear sectors, reinforcing global trust.
- L&T’s PT&D division secured large orders in Saudi Arabia for 380 kV substations and 420 km transmission lines under NREP.
- Dilip Buildcon Limited declared L-1 bidder for INR 879.3 crore project to four-lane the Paramakudi–Ramanathapuram section of NH-87 in Tamil Nadu.
- Dilip Buildcon received a INR 307.08 crore subcontract from ISC Projects for Barpali loading bulb development under South-Eastern Railway.
Factors shaping market dynamics
1. IF-rebar prices rise w-o-w: Induction furnace (IF) rebar prices rose w-o-w, supported by an uptick in semi-finished steel prices and improved bookings in finished steel over the past two days. Inventory levels remained steady at 12-15 days across regions. As of 31 October, IF rebar prices increased by INR 800/t ($9/t) w-o-w to INR 42,300/t ($476/t) exw-Mumbai.
The BF-IF rebar price gap stood at around INR 5,000-5,500/t ($56-62/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.
2. Raw material prices show mixed trends w-o-w: BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,300/t ($60/t) ex-mines on 25 October.
Odisha iron ore prices remained firm this week following the recent Odisha Mining Corporation(OMC) auction, even as trading activity in the region stayed muted. Market participants noted that most steelmakers had already procured their required quantities during the OMC auction last week, leading to subdued demand in the open market.
Australian premium hard coking coal (PHCC) prices edged up by $2/t w-o-w to $208/t CNF Paradip.
Outlook
Market participants are waiting for price announcements by the mills for November sales which are expected shortly.
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