India: BF-rebar trade prices jump to 3-year high in Mar’26

• IF-rebar prices rise w-o-w amid moderate demand
• Material shortages persist in trade market

Trade-level BF-rebar prices have hit a three-year high in March 2026, as per BigMint data. Continuous price hike by the primary mills have led to the surge in prices over the last three months. The hike in prices may be attributed to strong demand from projects, material shortage due to inventory reduction by mills and the rise in raw material prices in the past few months.

Indian primary steelmakers increased rebar prices by INR 500/tonne (t) ($5/t) during this week, sources informed BigMint. Post-revision, list prices stood at INR 58,500-60,000/t ($633-649/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) rose by INR 600/t ($6/t) w-o-w to INR 59,800/t ($647/t) exy-Mumbai, as per BigMint’s assessment on 13 March. Buying activities in the BF-rebar segment have slowed since last week and there are issues related to supply availability of certain sizes.

In the projects segment, prices hovered at around INR 59,000-60,500/t ($639-655/t) FOR basis.

Update on projects

• Markolines Pavement Technologies secured five work orders worth INR 439.75 crore, boosting its total unexecuted order book to INR 956.48 crore.
• RPP Infra received a INR 66.25 crore contract from Indian Port Rail & Ropeway Corporation for roofing shed construction at New Mangalore Port marshalling yard.
• RITES received a INR 45.19 crore consultancy contract from the West Bengal government for supervising construction of a four-lane Muriganga bridge project.
• Ceigall India Limited, in JV with Sushee Infra & Mining Limited, emerged L1 bidder for a INR 521 crore Ministry of Road Transport and Highways (MORTH) highway project in Arunachal Pradesh.
• Ashoka Buildcon Limited achieved additional COD for 2.68 km in its Karnataka HAM project, with 52.885 km completed overall under National Highways Authority of India (NHAI).
• Dilip Buildcon Limited received LOI from REC Power Development and Consultancy Limited to develop a 400 kV substation and transmission lines in Karnataka.
• KEC International Ltd. secured INR 1,476 crore T&D orders across Saudi Arabia, Africa, India and the Americas, including its largest composite order in Saudi Arabia.
• KNR Constructions Limited received a INR 50.47 crore EPC contract from Greater Hyderabad Municipal Corporation to build a four-lane flyover at Rasoolpura, Telangana, within 24 months.
• Ceigall India Limited with Sushee Infra emerged L1 bidder for four MoRTH EPC road projects, including NH-913 works in Arunachal Pradesh.
• Ramky Infrastructure Limited subsidiary MILeS City signed a concession with Maharashtra Industrial Development Corporation to develop a INR 3,000-crore pharma park in Raigad.

Market dynamics

1. IF rebar prices rise w-o-w: IF rebar trade prices increased w-o-w across major Indian markets. Buying activity remained moderate in the beginning of the week but slowed towards the end. Manufacturers maintained firm offers after securing healthy bookings in recent days. However, lifting of previously booked material varied across regions in the finished steel segment. Prices of semi-finished products such as billets declined w-o-w. Inventory levels were estimated at 8-12 days. IF rebar prices rose by INR 1,000/t ($11/t) w-o-w to INR 51,500/t ($557/t) ex-works Mumbai as of 13 March.

The BF-IF rebar price spread in Mumbai stood at INR 8,000-8,500/t ($87-92/t). IF rebars continue to dominate the Indian market with a 65-70% share.

2. Iron ore firm while coal prices fall w-o-w: Prices of major raw materials used in the BF route showed mixed trends w-o-w. BigMint’s Odisha iron ore fines (Fe 62%) index was unchanged w-o-w at INR 5,800/t ($63/t) ex-mines. Iron ore prices in the Odisha region remained stable w-o-w, supported by a firm downstream steel market and higher offers from miners.

BigMint’s premium hard coking coal (PHCC) index fell w-o-w by $10/t to $240/t CNF Paradip amid cautious buying and improved supply. The index has fallen to a 2-month low, as similar levels were seen in January. Cautious buyer sentiment and lower bids continued to weigh on prices.

Outlook
Trade-level BF-rebar prices are expected to remain firm amid the ongoing material shortage and uncertainties due to the Iran war. Mills are expected to raise prices next week which will support trade prices.