- Higher raw material costs, improved sales lift IF-route prices
- Slow demand from construction, auto sectors weighs on BF prices
Indian wire rod prices in the induction furnace (IF)-route segment increased in November 2025, driven by an improvement in trading activity. IF-route prices increased by INR 500/tonne ($6/t) to a monthly average of INR 38,400/t ($427/t) exw-Durgapur and by INR 800/t ($9/t) to INR 39,000/t ($434/t) exw-Raipur as compared to October 2025 levels.
Meanwhile, blast furnace (BF)-route wire rod prices (5.5-6mm, SAE1008) fell by INR 200/t ($2/t) m-o-m to an average of INR 47,700/t ($530/t) exw-Jharkhand in November.
Spot trade reference prices of IF-route wire rods stood at INR 40,800/t ($454/t) exw-Raipur and INR 40,300/t ($448/t) exw-Durgapur on 5 December 2025. BF-route wire rod prices (5.5-6mm, SAE1008) were assessed at INR 47,500/t ($528/t) exw-Jharkhand, as per BigMint’s assessment on 28 November 2025.
As per Joint Plant Committee (JPC) data, India’s total wire rod production via the IF and BF routes in January-October 2025 stood at 6.6 mnt, marking a significant 10% rise from around 6 mnt in the same period of 2024, indicating continued growth momentum.
Factors behind market dynamics
Raw material prices rise: Indian sponge iron and billet prices strengthened in November, supported by improved bookings for semi-finished steel and a gradual recovery in finished steel demand. Additional buying from neighbouring markets helped lift spot prices, while sellers maintained balanced supply, ensuring availability without exerting downward pressure on market sentiment. Considering the Raipur market as a benchmark, billet prices increased by INR 400/t ($4/t) m-o-m to INR 35,600/t ($396/t) exw and sponge iron (PDRI FeM 80% +/- 1) prices climbed up by INR 500/t ($6/t) m-o-m to INR 23,400/t ($260/t) exw (prices as on a monthly average basis).
Demand improves in IF-route wire rod segment: In November, the IF-route wire rod market experienced steady demand, with improving buying inquiries, which kept the spot market active. Improved trading activity in both wire rods and downstream products (such as GI wire and binding wire) contributed to reduced selling pressure. Firm semi-finished steel prices further supported the upward trend. Additionally, markets were supported by a moderate improvement in the offtake of previously booked material, which led to balanced demand-supply dynamics.
In November, the billet-to-wire rod conversion spread in Raipur increased to INR 3,400/t from INR 3,100/t in October 2025, while in Durgapur, it remained relatively stable at INR 2,300/t compared to INR 2,275/t in the previous month.
Demand remains weak for BF wire rods: BF-route wire rod prices fell in November 2025, as demand from end-user industries remained weak. The expected recovery in demand did not materialise, as liquidity constraints continued to impact procurement. The construction sector saw sluggish activity, delaying rebar and wire rod consumption, while the automobile industry also reported tepid demand for fasteners and component manufacturing, limiting fresh bookings.
Outlook
Positive sentiment in the wire rod market is likely to continue in the near term, with mild upward momentum likely in prices.
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