India: Primary mills hike rebar prices by up to INR 2,000/t ($22/t) for early-Apr’26

• Inventories drop by 20-25% m-o-m in early Apr’26
• IF-rebar prices surge on raw material shortages

Indian primary steelmakers increased rebar list prices by up to INR 2,000/tonne (t) ($22/t) for early April 2026 from end-March levels, sources informed BigMint. Post-revision, list prices stood at INR 60,000-61,000/t ($647-658/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) rose by INR 600/t ($6/t) w-o-w to INR 60,600/t ($654/t) exy-Mumbai, as per BigMint’s assessment on 3 April 2026.

Rebar inventories at primary mills dropped by 20-25% m-o-m in early-April 2026, BigMint learnt from sources. The reduction in inventory was due to strong lifting of previously booked materials last month. Mills reported healthy order bookings last month and continue to focus on fulfilling pending project-linked orders, according to sources.

Rebar project prices were workable in range of INR 59,500-60,000/t ($642-648/t) on landed basis, as per market sources.

Update on projects

• A Ceigall Infra subsidiary won an INR 603 crore NHAI (National Highway Authority of India) contract for a six-lane Punjab spur project under HAM (Hybrid Annuity Model)
  , with 18-month construction and 15-year maintenance mandated.
• GR Infraprojects emerged as the L1 bidder for INR 1,453.57 crore NH-56 Gujarat HAM project, involving four-laning works, with a 910-day completion timeline.
• Dilip Buildcon received an INR 698.49 crore LOA (Letter of Award) for the Narmada flood protection embankment project in Gujarat, to be executed over 24 months.
• KNR Constructions received an INR 83.64 crore LOA from Hyderabad Growth Corridor Limited for a Telangana road project, with a 9-month execution timeline.
• KNR Constructions received an INR 1,734 crore NHAI LOA for the Telangana NH-167 HAM project, with a 730-day construction and a 15-year O&M (Operations and Maintenance) period.
• GR Infraprojects received an INR 413.37 crore NTPC EPC (Engineering, Procurement, and Construction) order for BESS at Mouda plant, with 15-month execution and long-term maintenance scope.
• GR Infraprojects secured an INR 1453.57 crore NHAI contract to upgrade the 60.21 km NH-56 Gujarat highway under HAM, to be completed in 910 days.
• NCC secured an INR 326.06 crore water division order in February 2026. Moreover, the company bagged orders worth INR 2469.53 crore across divisions in March 2026.
• IRB Infrastructure Trust commenced tolling on its NH-16 Odisha project, securing a 20-year concession after an INR 3,087 crore upfront payment to NHAI.
• A Ceigall subsidiary executed 15 PPAs with MPPMCL (Madhya Pradesh Power Management Company Limited) for 130 MW solar projects under the Surya Mitra scheme, strengthening its long-term renewable portfolio.
• RVNL received an LOA from South Central Railway for the INR 242.5 crore OHE (Overhead Equipment) upgradation project, strengthening its railway electrification infrastructure portfolio.

Factors behind price increase

1. IF rebar prices increase w-o-w: IF rebar trade prices rose across major markets this week. Prices strengthened early in the week, with manufacturers revising gauge parity amid shortages of raw materials, particularly scrap and sponge iron, due to geopolitical tensions. Strong order bookings since Saturday further supported the uptrend. As the week progressed, trading activity turned largely need-based due to elevated prices and cautious buyer sentiment. Mills prioritised dispatches, maintaining low inventory levels of around 5-8 days. Induction furnace (IF) rebar trade prices in Mumbai rose by INR 3,000/t ($32/t) w-o-w to INR 53,400/t ($576/t) exw as of 3 April 2026.

Meanwhile, the blast furnace (BF) to IF rebar price spread in Mumbai narrowed this week to around INR 7,000-7,500/t ($75-81/t) due to a rise in IF-rebar prices. IF rebar continues to dominate the Indian market, accounting for an estimated 65-70% share.

2. Raw material prices show mixed trends: Prices of major raw materials used in the BF route showed mixed trends w-o-w. BigMint’s Odisha iron ore fines (Fe 62%) index was stable w-o-w at INR 5,850/t ($63/t) ex-mines as on 28 March. Iron ore prices in Odisha remained largely unchanged last week, supported by a handful of bulk transactions concluded towards the end of the fiscal year.

BigMint’s premium hard coking coal (PHCC) prices rose by $8/t w-o-w to $258/t CNF Paradip.

3. Property registrations rise m-o-m: Property registrations in Mumbai, the country’s largest real estate market, rose by 23% m-o-m to 15,983 units in March 2026 as against 13,029 units in February, as per data released by Knight Frank India. Likewise, registrations were up by 3% y-o-y as against 15,482 units reported in March last year.

Registrations increased amid fears of future hikes, stricter stamp duty compliance, strong housing demand, and improved digital processes, encouraging buyers to complete transactions quickly.

Outlook
BigMint expects trade-level BF-rebar prices to rise amid mills’ price hikes and geopolitical tensions, though demand in the trade segment has slowed down recently.