India: BF-rebar prices remain stable w-o-w amid slow demand

• IF-rebar prices drop w-o-w amid sluggish demand
• Raw material prices range-bound w-o-w

Trade-level BF-rebar prices (distributor to dealer) remained unchanged w-o-w at INR 59,700/t ($629/t) exy-Mumbai, as per BigMint’s assessment on 1 May 2026. Buying interest remained weak this week in the trade channel, with buyers largely staying on the side lines and restricting purchases to immediate requirements. Distribution channel participants reported comfortable inventory levels due to slower material offtake in recent days.

Market participants highlighted that, “Demand has been sluggish, and most buyers are avoiding bulk procurement. Stock levels are sufficient across the channel, so fresh buying is largely need-based for now.

Rebar project prices were workable in the range of INR 58,500-59,500/t ($617-627/t) on a landed basis, as per sources. Demand remained weak with limited inquiries as buying slowed. Election-related labour shortages disrupted construction activity, delaying procurement. Buyers adopted a cautious stance amid price volatility & uncertainty.

Update on projects

• L&T Realty acquires Gurugram land via IGSL stake, adding 3.6 million square feet, boosting NCR presence and consolidating nationwide portfolio growth.
• Rail Vikas Nigam Limited (RVNL) received LOA from NMDC for Hyderabad residential campus project worth INR 39.21 crore, to be completed within 15 months.
• Power Mech secured INR 227.95 crore EPC order from South Western Railway for Vande Bharat sleeper depot, to be completed within 30 months.
• GR Govindpur Rajura Highway Private Limited received completion certificate for NH-353B HAM project; commercial operations effective March 25, 2026.
• Patel Engineering declared L1 for INR 1,593 crore Lower Arun hydropower project Package-2 in Nepal, to be executed over 54 months.

Factors behind market dynamics

1. IF-rebar trade prices drop w-o-w: Induction Furnace (IF) rebar trade prices trended downward this week across major Indian markets. Market sentiment remained weak at the beginning of the week due to subdued finished steel demand, though activity picked up in mid-week in the central and eastern regions. In other markets, buying remained limited to immediate requirements. Inventory pressure prompted manufacturers to offer discounts, while some attempted to maintain price stability. Inventory days stood at around 10-12 days. Induction furnace (IF) rebar trade prices dropped by INR 1,600/t ($17/t) w-o-w to INR 49,500/t ($522/t) exw-Mumbai as of 1 May 2026.

The blast furnace (BF) to IF rebar price spread in Mumbai widened to around INR 10,000-10,500/t ($105-111/t) this week. IF rebar continues to dominate the Indian market, accounting for an estimated 65-70% share.

2. Raw material prices show mix trend w-o-w: Prices of major raw materials used in the BF route showed mix trends w-o-w. BigMint’s Odisha iron ore fines (Fe 62%) index was down by INR 150/t ($2/t) w-o-w to INR 5,600/t ($59/t) ex-mines as on 25 April. Iron ore prices in Odisha declined after the latest OMC auction, as weak downstream sentiment reduced fines demand, with cautious bidding due to soft pellet prices and sluggish semi-finished steel market conditions.

BigMint’s premium hard coking coal (PHCC) prices were stable w-o-w at $253/t CNF Paradip.

Outlook
Trade-level BF-rebar prices are likely to remain weak in near term owing to subdued domestic demand & price support given by some of the mills this week.