- Robust demand and reduced inventories propel prices
- Firm raw materials, Healthy off-take support market
India’s induction furnace (IF) rebar prices rose in November, in the range of INR 100-2,300/tonne (t) m-o-m across regions, as per Big Mint’s assessment, amid improved sentiment and steady inquiries, resulting in higher order bookings.
Firm sponge iron and billet prices reinforced rebar offers, keeping sellers confident in maintaining prevailing rates. Strengthened activity was also supported by procurement for ongoing project segments and improved demand from the retail sector, reflecting a sustained positive momentum across major markets.
Reflecting the impact of these factors, inventory levels have eased to 10-12 days in November, compared to approximately 15 days previously.
As per Joint Plant Committee (JPC) data, India’s total rebar production through the IF and BF routes stood at 30.01 million tonnes (mnt) in April-October of FY’26, marking a significant 9.5% rise from around 27.4 mnt in the same period of FY’25, indicating continued growth momentum.
Region-wise price movements
Prices saw an upward movement across all major regions during the month. The southern region witnessed the highest price movement in November, with Hyderabad recording a spike of INR 2,300/t, while Bangalore saw an increase of just over INR 100/t. In contrast, the Chennai market experienced a marginal decline of INR 200/t.
In the eastern region, Durgapur recorded a price rise of over INR 1,100/t, while Patna and Rourkela witnessed gains of INR 700/t and INR 600/t, respectively. In central India, Raipur witnessed an increase of INR 500/t, while Raigarh saw a marginal decline of INR 100/t month-on-month.
In the northern region, Jaipur recorded a rise of INR 1,600/t, Muzaffarnagar gained INR 1,000/t, and Delhi saw an increase of INR 900/t month-on-month.
In the western region, Ahmedabad recorded the highest increase of INR 1,100/t, while Mumbai and Goa saw gains of INR 500/t each. Jalna experienced a modest rise of INR 100/t month-on-month.
Factors impacting market
Raw material prices support market uptrend: The upward movement in finished steel prices was supported by firm prices of key raw materials, steel billets and sponge iron, used in IF-route production. Steady buying interest and improved trade activity across several markets encouraged manufacturers to maintain or slightly raise prices, reinforcing overall market sentiment.
Considering Raipur as the benchmark, billet prices rose by INR 700/t month-on-month to INR 35,550/t ex-works, while sponge iron (PDRI FeM 80% ±1) increased by INR 350/t month-on-month to INR 23,400/t ex-works. These firm raw material prices underpinned the upward movement in IF rebar offers.
Improved Demand: Market activity strengthened in November, driven by procurement for ongoing project segments and improved demand from the retail sector. Prices rose across major markets, supported by higher material off-take and reduced inventory pressure at mills. Fresh bookings, combined with firm semi-finished steel prices, further reinforced the upward momentum in the market.
BF-route rebar Sentiment: Trade level BF-rebar prices edged down by INR 100/t m-o-m to average of INR 47,000/t exy-Mumbai amid subdued demand in November 2025. Surplus material in the trade channel has intensified the pressure on prices.
In the projects segment, prices hovered between INR 45,000-46,000/t FOR Mumbai. Buyers were cautious in placing orders amid market uncertainty.
Outlook
Indian IF rebar prices are expected to remain supported in December by firm raw material prices, higher material off-take, and easing inventories, leading to steady offers for rebar.
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