India: Mixed pricing signal seen for BF-rebar prices for early-Dec’25

• Property registrations rise m-o-m
• IF-rebar trade segment improves, prices up m-o-m

India’s blast furnace (BF) rebar market witnessed mixed pricing signals in the week ended 5 December. Some leading primary mills increased rebar prices by up to INR 1,000/tonne (t) ($11/t) for deliveries in the first two weeks of the December compared to prices at the end of November, sources informed BigMint. Meanwhile, others rolled over their prices against previous month levels.

Post-revision, list prices stood at INR 47,000-48,500/t ($522-539/t) on landed basis. It should be noted that mills had offered discounts/rebates to augment sales last month.

Trade-level BF rebar prices increased by INR 700/t ($8/t) w-o-w to INR 47,000/t ($522/t) exy-Mumbai, as per BigMint’s assessment on 5 December 2025. Prices are exclusive of GST at 18%.

In the projects segment, prices opened at INR 45,500-46,500/t ($506-517/t) FOR Mumbai basis.

Rebar inventories at primary mills yards witnessed a drop of around 15% m-o-m in early-December 2025, sources informed. A significant drop in inventories has prompted mills to hike offers, meanwhile others have kept same prices.

Project updates

• NCC received three new orders totalling INR 530.72 crore across buildings, water, and transport divisions, awarded in normal business with no related-party interest.
• Afcons Infrastructure secured INR 884 crore EPC orders in November for civil infrastructure projects under its Marine and Industrial business unit.
• RVNL secures LOA from Southern Railway for traction substation and SCADA works in JTJ–SA section, valued at INR 145.35 crore.

Factors behind hike in offers

1. Raw material prices rise m-o-m: Prices of major raw materials rose on monthly basis. BigMint’s Odisha iron ore fines (Fe 62%) index increased by INR 180/t ($2/t) w-o-w to monthly average of INR 5,480/t ($61/t) ex-mines in November 2025. This rise reflects stronger buying interest from sponge-iron and pellet producers amid tighter supply and stable demand outlook. Prices firmed up especially in key producing states as mills sought to secure fresh ore ahead of winter disruptions.

Australian premium hard coking coal (PHCC) prices rose by $6/t m-o-m to an average of $216/t CNF Paradip.

2. IF-rebar prices rise m-o-m: Trade-level IF rebar tags witnessed an m-o-m rise in November 2025. Induction furnace (IF) rebar prices in India witnessed a fluctuating yet gradually improving trend through November 2025. Prices softened amid weak buying and mixed trade sentiment in early month. However, market conditions improved steadily as inventory pressure eased, fresh bookings picked up, and semi-finished steel prices provided support. Despite moderate demand, sentiments turned optimistic toward month-end with expectations of continued price stability and increase ahead. IF-Rebar trade prices rose by INR 500/t ($/t) m-o-m to a monthly average of INR 42,700/t ($/t) exw-Mumbai in November 2025.

The gap between BF/IF rebars stood at INR 3,000-3,500/t ($33-39/t) in the benchmark assessment of Mumbai.

3. Property registrations rise m-o-m: Property registrations in Mumbai, the country’s largest real estate market, rose by 20% on the month to 12,219 units in November as against 11,200 units in October, as per data released by Knight Frank India. Likewise, registrations were up by 9% from 10,200 units in the same period last year.

Rising property sales in Mumbai during November were driven by strong residential demand, sustained buyer confidence, preference for premium homes, and stable stamp duty supporting transaction momentum.

Outlook
Trade-level BF-rebar prices are expected to remain range-bound in December, as subdued demand and weak market sentiment continue to limit pricing momentum.