India: Primary mills hike rebar prices by upto INR 1,000/t ($11/t) for end-Feb’26

• Material shortages keep prices supported
• IF-rebar prices drop but finish demand remain firm

Indian primary steelmakers increased rebar prices by up to INR 1,000/tonne (t) ($11/t) in the week ended 27 February, sources informed BigMint. Post-revision, list prices stood at INR 58,500-60,000/t ($643-659/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) were stable w-o-w at INR 59,000/t ($648/t) exy-Mumbai, as per BigMint’s assessment on 27 February 2026. In the trade segment, prices remained largely range-bound in key markets this week owing to slowness in buying activities & ongoing material shortages. “Going forward, buying activities are likely to remain muted next week across major markets owing to Holi festival”, highlighted market participants.

In the projects segment, prices hovered at around INR 59,000-60,000 /t ($648-659/t) FOR basis. Demand from the projects segment remained steady with dispatches of previously booked orders. Major mills are booked till March end & running with low stock levels which is leading to higher offers in market.

Update on projects

• KEC International won INR 1,002 crore new orders across T&D and cables segments, covering domestic and international transmission lines, substations, EHV cabling, and supply contracts.
• L&T secured a significant EPC order to build the LIGO India Observatory in Maharashtra, delivering high-precision civil, vacuum, and integrated infrastructure within 48 months.
• L&T’s PT&D vertical bagged major EPC orders in India and the Middle East for 220-500 kV substations and transmission lines, strengthening global power infrastructure.
• Ashoka Buildcon–RailTel consortium received LoI for INR 1,136 crore IGR Maharashtra office modernization project, covering end-to-end IT, network, cloud, and application infrastructure services for five years.
• Rail Vikas Nigam Limited (RVNL) received a Letter of Award from NMDC for constructing a residential tower at Kirandul, Chhattisgarh, in its normal course of business.

Factors behind market dynamics

1. IF rebar prices drop w-o-w: IF rebar trade prices declined w-o-w across major Indian markets, primarily driven by falling billet and sponge iron prices. Demand for finished steel remained firm as traders liquidated inventories at lower levels ahead of the Holi festive week, while mills reported moderate bookings supported by discounts and price reductions. Rebar inventory levels stayed stable at 10-12 days, with IF rebar prices dropped w-o-w by INR 200/t ($2/t) to INR 49,200/t ($540/t) exw-Mumbai as of 27 February 2026.

The BF-IF rebar price spread in Mumbai widened to INR 9,500-10,000/t ($104-110/t), as BF rebar prices held firm amid the downtrend in IF rebar, which continues to dominate the market with a 65-70% share.

2. Raw material prices drop w-o-w: Prices of major raw materials dropped on weekly basis. BigMint’s Odisha iron ore fines (Fe 62%) index was down w-o-w by INR 200/t ($2/t) to INR 5,800/t ($64/t) ex-mines. Iron ore prices in Odisha witnessed fluctuations. Market sentiment remained cautious as auction prices trended lower compared to last month, pulling down expectations in the spot market.

Meanwhile, Australian premium hard coking coal (PHCC) prices edge dropped by $5/t to $261/t CNF Paradip.

Outlook
Mills are expected to announce hike in prices for early-March dispatches amid the ongoing material shortages & good bookings happened in recent times.