India: Tier-I mills hike rebar prices by up to INR 1,000/t ($11/t) for end-Dec’25 sales

• IF rebar prices increase amid steady order bookings
• Iron ore prices remain firm, coking coal up $6/t w-o-w

Indian Tier-I mills have increased rebar prices by INR 500-1,000/tonne (t) ($6-11/t) for end-December 2025 deliveries, sources informed BigMint. Post-revision, list prices stood at INR 48,000-49,500/t ($536-553/t) on landed basis. Following this, trade-level blast furnace (BF) rebar prices are expected to increase w-o-w. In the projects segment, prices hovered at around INR 47,000-48,000/t ($525-536/t) FOR Mumbai basis.

Inventories at primary mills have declined recently, signifying an improvement in dispatches and buying activity. Material offtake has improved in the trade segment this month, some distribution channel participants observed.

Update on projects

• Dilip Buildcon Limited won a 1,363.5-MW PM KUSUM-C feeder solarisation project from MPUVNL, involving EPC and 25 year power supply under a competitive PPA.
• RITES has signed an MoU with the Botswana government to support railway modernisation, rolling stock supply, transport infrastructure development, and capacity building using global best practices.
• L&T’s Hydrocarbon Onshore business secured a major engineering, procurement, and construction (EPC) order from BPCL for India’s largest LLDPE/HDPE swing unit at Bina, Madhya Pradesh.
• Dilip Buildcon received a letter of award (LOA) from the Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for 1,363.55-MW solar projects under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM KUSUM) scheme, with an EPC value of about INR 4,900 crore.

Factors behind market dynamics

1. IF-rebar prices rise w-o-w: IF-rebar trade prices increased across major Indian markets, supported by healthy demand, steady order bookings, and firm sponge iron and billet prices. Improved material offtake led to inventory holding periods declining to 10-12 days. Rising semi-finished steel prices reinforced sellers’ confidence, though buyers turned slightly cautious at higher levels. Last week, trades for around 86,000 t were recorded in the IF rebar segment as against 51,000 t in the week-ago period.

As of 23 December 2025, IF rebar prices rose by INR 700/t ($8/t) w-o-w to INR 45,500/t ($508/t) exw-Mumbai. Additionally, the near-term outlook remains positive, with prices expected to continue rising.

The BF-IF rebar price spread in Mumbai stood at INR 3,000-3,500/t ($34-39/t). IF rebars continue to dominate the Indian market with a 65-70% share.

2. Raw material prices show mixed movements w-o-w: Prices of major raw materials showed mixed trends w-o-w. BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,700/t ($64/t) ex-mines on 20 December, largely supported by the robust response to Odisha Mining Corporation (OMC) auction on Friday. Buyers actively participated in the auction, reflecting sustained demand despite recent market fluctuations.

Meanwhile, Australian premium hard coking coal (PHCC) prices rose by $6/t w-o-w to $229/t CNF Paradip.

Outlook

Trading has improved, and the rise in prices is likely to continue in the coming days.