- IF route prices show mixed trends
- Raw material prices rise marginally
India’s trade-level blast furnace (BF) rebar prices fell w-o-w across major markets on 21 November 2025 amid subdued domestic demand. Mills offered price support or slashed list prices due to weak market activity. Trade-level BF rebar prices dropped by INR 700/tonne (t) ($8/t) w-o-w to INR 46,600/t ($525/t) exy-Mumbai, as per BigMint’s benchmark assessment on 21 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. There were lower buying inquiries from end-users amid a decline in prices.
In September-October, BF-route rebar prices had moved within a limited range of INR 46,800-47,300 ($528-534/t). At the start of November, prices climbed up to INR 47,800/t ($539/t), buoyed by expectations of improved demand from the construction and infrastructure segments. However, these expectations did not come true, and prices continued to slide. This week’s INR 46,600/t ($525/t) exy in Mumbai marks a new low in recent times.
List price hikes by some mills at the start of the month have not been absorbed by the market. High inventories, elevated production, liquidity shortfalls, and need-based purchases have forced manufacturers to slash list prices or offer price support.
Update on projects
- IRB Infrastructure Trust secured NHAI’s TOT-17 project, covering 366 km in Uttar Pradesh, with an INR 9,270 crore concession fee for 20 years.
- KEC International won new orders worth INR 1,016 crore across its civil, oil and gas, T&D, and cables businesses, including its maiden Middle East oil and gas project, and multiple international T&D contracts.
- RITES signed an MoU with APEDB to deliver consultancy support for infrastructure, industrial development, and project management across key sectors in Andhra Pradesh.
- The Indian Army selected L&T and BAE Systems to locally manufacture BvS10 Sindhu vehicles, boosting mobility, indigenisation, and defence self-reliance under Make in India.
Factors behind market dynamics
1. IF-rebar prices show mixed trends w-o-w: Induction furnace (IF) rebar prices remained largely stable w-o-w across key Indian markets. Prices witnessed an uptick in some markets. Trading activities remained slow due to limited buying. Inventory levels remained steady at 12-15 days across regions. IF rebar prices witnessed an uptick of INR 200/t ($2/t) w-o-w to INR 42,700/t ($481/t) exw-Mumbai on 21 November. In the near term, prices of finished steel may remain supported due to an uptick in semi-finished prices.
The BF-IF rebar price gap narrowed w-o-w to INR 4,500-5,000/t ($51-56/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.
2. Raw material prices rise marginally 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 5,500/t ($62/t) ex-mines on 15 November. Iron ore prices in Odisha increased last week as traders and steelmakers geared up for the upcoming Odisha Mining Corporation (OMC) auction, which took place on 19 November. Limited availability of fresh material in the spot market pushed prices higher, with a few trades being concluded at elevated levels.
Australian premium hard coking coal (PHCC) prices edged up by $1/t w-o-w to an average of $214/t CNF Paradip.
Outlook
Trade prices of BF-rebars may decline amid weak trading activities, as buyers have moved to the sidelines amid a fall in prices.
Leave a Reply