- Production rises m-o-m in Oct’25
- Buyers cautious in placing orders
Indian trade-level BF-rebar prices have hit a five-year low in end-November 2025, as per BigMint data. Prices fell w-o-w due to muted trading activity across key markets, with sellers offering discounts to clear inventories. Surplus material in the trade channel has intensified the pressure on prices, market sources indicated.
Trade-level BF rebar prices dropped by INR 300/tonne (t) ($3/t) w-o-w to INR 46,300/t ($517/t) exy-Mumbai, as per BigMint’s benchmark assessment on 28 November. Prices are exclusive of GST at 18%.
In the projects segment, prices hovered between INR 45,000-46,000/t ($503-514/t) FOR Mumbai. Buyers were cautious in placing orders amid market uncertainty.
Update on projects
- RVNL emerged as L1 for INR 180.78 crore OHE modification and feeder wire work in UTR–MWP section, Lucknow Division; project completion in 24 months.
- Dilip Buildcon emerged L-1 for INR 5,000 crore MDO project to develop and operate Pottangi Bauxite Mines and OLCC facilities for 25 years.
- NCC Limited received a INR 2,062.71 crore order from Assam PWD for expansion and modernization of Gauhati Medical College & Hospital, to be executed in 42 months.
- Dilip Buildcon secures INR 879.3 crore NHAI order for 4-laning the Paramakudi–Ramanathapuram highway section in Tamil Nadu under HAM.
Factors shaping market dynamics
1. Rebar production rises, weak demand weighs on prices: India’s rebar production from the major mills rose 3% m-o-m to 4.21 mnt in October as against 4.10 mnt in the previous month. This was supported by higher output from JSW Steel, Tata Steel and Jindal Steel, which posted monthly growth of 10%, 16% and 5%, respectively, as per Joint Plant Committee (JPC) data. However, demand remained sluggish, causing inventory build-up at mills. Elevated supply continues to pressure prices and is delaying a meaningful market recovery.
2. IF-rebar prices increase on improved demand: Induction furnace (IF) rebar prices recorded a w-o-w increase across major Indian markets supported by a moderate improvement in material lifting and reduced inventory pressure at mills. Fresh bookings and firm semi-finished steel prices further aided the upward trend. Sentiments remain positive, with expectations of continued price improvement in the near term. IF rebar prices inched up by INR 100/t ($1/t) w-o-w to INR 42,800/t ($478/t) exw-Mumbai on 28 November.
The BF-IF rebar price gap stood at around INR 3,500-4,000/t ($39-45/t) in Mumbai. IF rebars hold a dominant 65-70% market share in India.
3. Raw material prices range-bound w-o-w: Prices of major raw materials remained range-bound 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 5,600/t ($63/t) ex-mines on 22 November. Iron ore prices in Odisha strengthened after the latest Odisha Mining Corporation (OMC) auction, supported by firm bidding activity and limited material availability in the spot market. However, most miners are yet to announce revised offers for fresh trades, keeping buyers in a wait-and-watch mode.
Australian premium hard coking coal (PHCC) prices edged down by $1/t w-o-w to an average of $213/t CNF Paradip.
Outlook
Trade prices of BF-rebars may remain under pressure in the near term amid sluggish demand and uncertain market trends.
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