- Strong booking orders support higher prices
- Material shortages push BF mills to raise prices
Indian wire rod prices surged m-o-m in March 2026 in both the induction furnace (IF) route and the BF route segment. The sharp rise in IF route wire rod prices can be attributed to the ongoing conflict in the Middle East.
Wire rod prices increased by INR 800/t ($9/t) to a monthly average of INR 45,700/t ($491/t) exw-Raipur and by INR 600/t ($6/t) to INR 45,300/t ($487/t) exw-Durgapur as compared to February 2026 levels.
The spot trade reference price stood at INR 47,500/t ($511/t) in both key markets of Raipur and Durgapur as on 6 April 2026. Prices are on exw basis.
As per BigMint’s assessment, BF route wire rod prices (5.5-6mm, SAE1008) rose by INR 1,500/t ($16/t) w-o-w to INR 60,500/t ($650/t) exw-Jharkhand on 27 March 2026.
The cumulative wire rod production via IF and BF routes remained largely stable at around 7 mnt during 11M FY’25 against 11M FY’26, maintained as per JPC data.
Factors behind market dynamics
Raw material prices rise: India’s domestic billet market in March 2026 remained highly volatile, with a strong cost-driven rally towards the start of the month and then a mid-month correction. While demand recovery remained inconsistent, rising sponge iron and coal prices lifted billet offers m-o-m, shifting market control toward sellers.
India’s sponge iron prices fell slightly m-o-m, despite steep price hikes throughout certain periods of the month. Escalating geopolitical tensions in the Middle East further intensified concerns over rising imported coal and freight costs, leading producers to raise offers to safeguard margins.
Considering the Raipur market as a benchmark, billet prices increased INR 700/t ($8/t) m-o-m to INR 41,600/t ($447/t) exw and sponge iron (PDRI FeM 80% +/- 1) recorded a minor drop of INR 200/t ($2/t) to INR 26,700/t ($287/t) exw (prices are on a monthly average basis).
Looking ahead to April 2026, the outlook remains cautiously optimistic but volatile. Sponge iron prices are likely to stay supported by elevated coal costs, supply-side concerns, and stable to firm billet demand.
Demand for IF-route wire rods remains healthy: India’s IF-route wire rod prices rose on a m-o-m basis, driven by strong booking orders in the early part of the month. Although the market slowed slightly from the middle of the month, tight raw material availability and lower mill inventories sustained the upward trend.
Additionally, steady demand from end-users, such as binding and GI wire producers, supported buying activity even at higher price levels, prompting manufacturers to increase wire rod prices.
Primary mills raise prices amid supply shortages: In the BF-based segment, wire rod prices (5.5-6 mm, SAE1008) increased by INR 3,500/t ($38/t) m-o-m to average INR 58,700/t ($631/t) exw-Jharkhand in March 2026. Indian mills raised wire rod prices at the beginning and mid-month, driven by a supply-demand mismatch in the market. Material shortages persisted throughout the month, which prompted mills to raise prices.
Wire rod demand remained strong in March 2026, supported by steady demand from the construction and automobile sectors. Ongoing infrastructure work and consistent orders from auto companies kept market activity healthy. This steady demand also helped producers keep prices firm, with some increases reflecting improved market confidence.
Outlook
Prices are likely to remain supported in April 2026, owing to strong bookings at mills along with increased demand from project segments. Additionally, elevated raw material costs and tight supply might keep prices on the higher side.
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