- IF-segment prices fall amid weak demand
- BF/IF price spread widens further
Indian primary steelmakers increased rebar prices by up to INR 1,000/tonne (t) ($11/t) this week, sources informed BigMint. Post-revision, list prices stood at INR 58,500-59,500/t ($643-654/t) on landed basis.
Trade-level BF-rebar prices (distributor to dealer) rose by INR 400/t ($4/t) w-o-w to INR 59,000/t ($648/t) exy-Mumbai, as per BigMints assessment on 20 February 2026. Market participants noted that buyers were reluctant to place fresh orders at elevated price levels following the recent sharp price increase, leading to cautious procurement behaviour during the week.
In the projects segment, prices hovered at around INR 59,000-60,000/t ($648-659/t) FOR basis. Demand from the projects segment remained steady with dispatches of previously booked orders.
Project updates
- Ashoka Buildcon received a $45.3 million LOA from Liberia’s Ministry of Public Works for executing a 24-month EPC road upgradation project.
- GR Infraprojects received an LoA from West Central Railway for a INR 1,897.51 crore EPC contract to construct the Sidhi–Singrauli rail link in Madhya Pradesh.
- Hindustan Construction Company secured a INR 578 crore Northeast Frontier Railway contract for critical tunnel and alignment works under the strategic Dimapur-Kohima rail connectivity project.
- Ceigall Infra secured a INR 2,160-crore NHAI contract to build a 79-km four-lane highway in Bihar under the Hybrid Annuity Model.
- RVNL received LOA from Northern Railway for designing and constructing a new rail-cum-road bridge over the Ganga at Varanasi, worth INR 1,201 crore.
- Dilip Buildcon has secured an L1 position for a INR 702 crore EPC project to construct flood protection embankments on the Narmada River in Bharuch, Gujarat.
Factors behind market dynamics
1. Raw material prices remain rangebound w-o-w: Prices of major raw materials were rangebound on weekly basis. BigMint’s Odisha iron ore fines (Fe 62%) index was stable w-o-w at INR 6,000/t ($66/t) ex-mines. Iron ore prices in Odisha stayed mostly stable during the week ended 14 February, as market participants remained cautious ahead of the OMC auction on 19 February, awaiting clearer price direction.
Meanwhile, Australian premium hard coking coal (PHCC) prices edge down w-o-w by $1/t to $266/t CNF Paradip.
2. IF rebar prices drop w-o-w: IF rebar trade prices have witnessed downtrend this week across major Indian markets. Trading activity in the finished steel segment remained subdued, with buyers maintaining a cautious, wait-and-watch approach amid persistent price declines. Mills reduced prices and extended higher discounts to stimulate offtake, though booking volumes remained weak due to weak sentiments. Semi-finished products, including billets and sponge iron, also witnessed w-o-w price declines, shrinking margins, particularly for billets. Rebar inventory levels edged up, with stock days rising slightly to 10-15 days during the week. IF rebar prices were down w-o-w by INR 600/t ($7/t) to INR 49,400/t ($543/t) exw-Mumbai as on 20 February 2026.
The BF-IF rebar price spread in Mumbai widened to around INR 9,000-9,500/t ($99-104/t) due to a hike in BF-rebar prices & downtrend in IF-rebar prices recently. IF rebars continue to dominate the Indian market with a 65-70% share.
Outlook
Trade-level BF-rebar prices may remain range-bound from current levels amid slight slowdown in buying activities of the last few days.
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