- Improved buying, low inventories support price rise
- Project prices remain stable but enquiries improve
India’s trade-level BF-route rebar prices increased by INR 1,100/t ($11/t) w-o-w to INR 62,100/t ($648/t) ex-Mumbai as of 25 September 2026, according to BigMint’s assessment. Market sentiment continued to strengthen as supply remained tight and buying activity improved. Some mills raised their list prices by INR 500-1,250/t, indicating a firm stance amid limited availability of prompt material.
Factors driving market
Tight supply supports prices
BF-route rebar availability remains constrained across the supply chain, with limited material available for prompt deliveries. This has strengthened mills’ bargaining position and allowed producers to maintain firm offers.
Project prices remain stable but enquiries improve
Project prices remained stable at INR 61,000-63,000/t landed. However, project enquiries have improved, with buyers increasingly looking to secure material for ongoing and near-term requirements.
Market participants said mills are receiving stronger enquiries but remain selective on fresh project bookings. The combination of improving demand and limited availability has encouraged buyers to secure volumes despite prevailing price levels.
Demand improves, distributor buying picks up
Demand has shown a gradual improvement as construction activity increased following the easing of monsoon-related disruptions. Distributor buying has also started to recover, with market participants reporting increased stock replenishment ahead of the festive season.
The improvement in both project and distribution demand, alongside lean inventories, has provided support to the market and strengthened expectations of further price increases.
IF-route rebar prices decline
IF-route rebar prices declined by INR 500-1,400/t w-o-w across major markets. Buying activity remained low to moderate, as buyers resisted higher price levels and adopted a cautious, wait-and-watch approach. Trading was further affected by the festive week, while heavy rainfall towards the end of the week disrupted market activity in several regions. Mill inventories were at around 7-8 days, while order booking visibility remained limited at 3-5 days.
In the Raipur, Raigarh and Durgapur markets, price parity increased by around INR 500/t for 10-25 mm rebar and by INR 1,000/t for 8, 6 and 32 mm sizes. Raw material prices also corrected this week, further contributing to the decline in finished steel prices.
The market is expected to remain range-bound, with prices likely to see some further correction before stabilising. Trading activity may remain subdued next week as the bank strike from 28-30 September is expected to disrupt payments and market transactions, limiting fresh buying activity. Further price movement will depend on raw material trends and the pace of demand recovery.
Meanwhile, the BF-IF rebar price spread in Mumbai widened further w-o-w to around INR 10,700/t ($111/t), while IF-route rebar continues to account for an estimated 65-70% share of the Indian rebar market.
Project updates
Hazoor Multi Projects: RCC core and shell work for PTR Phase 2, Chennai – INR 207.45 crore.
RVNL: Third railway line and allied infrastructure works in Odisha – INR 404.88 crore.
Dilip Buildcon: 400 kV GIS transmission station EPC project in Maharashtra – INR 1,265 crore.
MSTU/REC: 400 kV GIS Solapur/Paranda switching station project – INR 1,256 crore.
Indian Oil: 424.65-km Kochi-Thoothukudi natural gas pipeline – INR 2,449 crore.
Welspun Michigan Engineers: Sewer rehabilitation projects in Ahmedabad – INR 351.24 crore.
Knowledge Marine & Engineering Works: Green tug construction and 15-year charter – INR 279.33 crore.
Refex Industries: Pond ash and fly ash lifting contract INR 160 crore.
GPT Infraprojects: Mahanadi railway bridge and third/fourth line works, Odisha – INR 483.72 crore.
Outlook
BF-route rebar prices are expected to remain firm in the near term. While current project prices remain stable, tight supply, improving demand, and higher mill offers could provide upward pressure on trade-level prices if buying activity continues to strengthen.
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