India: Primary mills hike rebar prices by up to INR 3,000/t ($33/t) for early-Feb'26

• Strong project demand keeps market sentiment positive
  
  
• Inventories at Tier-1 mills fall 40% m-o-m in early-Feb'26
  
  

Indian primary steelmakers increased rebar prices by up to INR 3,000/tonne (t) ($33/t) for early-February 2026 dispatches over end-January levels, sources informed BigMint. Post-revision, list prices stood at INR 57,000-58,000/t ($630-641/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) rose by INR 600/t ($7/t) to INR 58,000/t ($641/t) exy-Mumbai as per BigMints assessment on 3 February 2026.

In the projects segment, prices hovered at around INR 57,000-58,500/t ($630-646/t) FOR Mumbai. Healthy order bookings supported market sentiment and prompted price hikes, with several mills also facing substantial order backlogs for the coming days.

Inventory levels at primary mills fell by around 40% m-o-m in early-February 2026 on the back of strong dispatches last month, which led to inventory reduction.

Update on projects

• NCC Limited received five new orders worth INR 2,456.89 crore in January 2026, led by its Water Division projects, followed by the Transportation and Electrical segments.
  
  
• Afcons Infrastructure has secured a EUR 100+ million multilateral-funded road project in Uganda, strengthening its Africa expansion and export-led growth strategy.
  
  
• KEC International won new orders worth INR 1,020 crore across its civil, transportation, T&D, and cables businesses, including hospital, railway siding, and cabling projects.
  
  
• IRB Infrastructure Trust has signed a concession agreement with NHAI for the TOT-18 Chandikhole-Bhadrak NH-16 project in Odisha.
  
  

Why did mills announce price hikes for Feb?

1. IF rebar prices rise m-o-m: IF rebar trade prices strengthened across major Indian markets, supported by healthy demand, strong order bookings, and firm semi-finished steel prices. Mills booked good volumes and increased their list prices last month. The price hike was supported by an increase in semi-finished steel prices, i.e., billet, sponge iron and pig iron. Improved dispatches reduced inventory pressure, keeping stocks at comfortable levels. IF rebar prices rose by INR 4,500/t ($50/t) m-o-m to a monthly average of INR 49,500/t ($547/t) exw-Mumbai in January 2026.

The BF-IF rebar price spread in Mumbai widened to around INR 7,500-8,000/t ($83-88/t) due to a steeper rise in BF-rebar prices recently. IF rebars continue to dominate the Indian market with a 65-70% share.

2. Raw material prices remain supportive w-o-w: Prices of major raw materials showed mixed trends w-o-w. BigMint's Odisha iron ore fines (Fe 62%) index was stable w-o-w at INR 6,000/t ($66/t) ex-mines, with trading activity limited to need-based requirements, as miners and buyers adopted a cautious stance amid expected stability in prices. Meanwhile, Australian premium hard coking coal (PHCC) prices rose w-o-w by $14/t to $267/t CNF Paradip.

Outlook

Trade-level prices of rebars are likely to continue rising this month amid healthy demand from projects and an increase in raw material costs.