- IF route prices show mixed trends w-o-w
- Raw material prices increase marginally
India’s trade-level blast furnace (BF) rebar prices dropped w-o-w owing to slow demand across major markets. Some primary mills either offered price support or reduced list prices amid weak market sentiments. Trade-level BF rebar prices dropped by INR 500/tonne (t) ($6/t) w-o-w to INR 47,300/t ($533/t) exy-Mumbai, as per BigMint’s benchmark assessment on 14 November 2025. Prices are exclusive of GST at 18%.
In the projects segment, prices hovered between INR 45,500-46,500/t ($513-524/t) FOR Mumbai.
Inventories at mills reduced slightly by 8% in mid-November as compared with levels seen at the beginning of the month, as per sources. Although inventories are still at elevated levels.
Update on production
JSW Steel’s standalone crude steel production rose 9% y-o-y despite reduced capacity utilisation from the BF-3 shutdown at Vijayanagar plant. The capacity utilisation stood at around 92% (excluding BF-3). This has increased market supply, putting pressure on prices.
Update on projects
- RVNL received an INR 144.44 crore LOA from South Central Railway for OHE system upgradation between Ramgundam and Kazipet sections.
- Ashoka Buildcon received an INR 539.35 crore LoA from North Western Railway, Ajmer, for an infrastructure project.
- RITES received an INR 52 crore turnkey contract from Cochin International Airport Limited for constructing a regulator-cum-bridge across Chengalthodu.
Factors behind market dynamics
1. IF-rebar prices show mixed trends w-o-w: Induction furnace (IF) rebar prices exhibited mixed trends w-o-w across key Indian markets. Trade activities improved slightly, supported by an uptick in semi-finished steel prices. Inventory levels remained steady at 12-15 days across regions. IF rebar prices dropped by INR 400/t ($5/t) w-o-w to INR 42,100/t ($474/t) exw-Mumbai on 14 November.
The BF-IF rebar price gap stood at around INR 5,000-5,500/t ($56-62/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.
2. Raw material prices edge up w-o-w: Prices of major raw materials witnessed an uptick w-o-w. BigMint’s Odisha iron ore fines (Fe 62%) index edged up by INR 100/t ($1/t) w-o-w to INR 5,400/t ($61/t) ex-mines. Iron ore prices in Odisha firmed up this week, though the market witnessed limited trading activity amid weak sentiment in the semi-finished and sponge iron segments. Miners continued dispatches for previously concluded deals, while fresh offers in the market were restricted to low volumes.
Australian premium hard coking coal (PHCC) prices edged up by $1/t w-o-w to an average of $213/t CNF Paradip.
Outlook
Trade prices of BF-route rebars may exhibit a downward trend in the near term, owing to slow domestic demand.
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