India: Primary mills hike rebar prices further by INR 500-1,000/t ($5-11/t); trade prices rise w-o-w

• Material shortage in trade channel supports prices
  
  
• Raw material prices provide support to finished steel
  
  

Indian primary steelmakers increased rebar prices by INR 500-1,000/tonne (t) ($5-11/t) this week, sources informed BigMint. Post-revision, list prices stood at INR 59,500-60,500/t ($636-646/t) on landed basis.

Trade-level BF-rebar prices (distributor to dealer) rose by INR 200/t ($2/t) w-o-w to INR 60,000/t ($641/t) exy-Mumbai, as per BigMint's assessment on 20 March 2026. Buying activities in the trade market have slowed down as buyers are showing limited interest due to surge in prices. Also, they are procuring cautiously due to higher BF-IF price gap. In addition, limited material availability in some sizes is still prevailing in the market which is lending support to prices.

In the projects segment, prices hovered at around INR 60,000-61,000 /t ($641-652/t) FOR basis. Mills reported healthy order bookings and continue to focus on fulfilling pending project-linked orders, according to sources.

Update on projects

• Ceigall India (70% JV) emerged L1 bidder for INR 274.08 Crore Bile-Migging road by MoRTH.

  
  
  

• Rail Vikas Nigam Limited (RVNL) received LOA from NMDC for track refurbishment and maintenance at Kirandul and Bacheli, Chhattisgarh, worth INR 95.27 crore.
  
  
• Dilip Buildcon declared L1 bidder by OBCCL for INR 160.20 crore EPC diversion road project in Sundargarh, Odisha, with 18-month completion timeline.
  
  
• Kalpataru Projects International Limited (KPIL) won INR 2,471 crore orders across metro rail, T and D, and buildings segments in India and overseas markets.
  
  
• G R Infraprojects Limited received LOA from West Central Railway for INR 1,897 crore Sidhi-Singrauli rail project, to be completed in 900 days.
  
  
• Ceigall Infra Projects Private Limited emerged L1 bidder for two HAM urban street projects worth INR 207 crore from Punjab Infrastructure Development Board.
  
  
• Hindustan Construction Company Limited secured INR 1,662 crore GMLR Phase IV contract from Brihanmumbai Municipal Corporation in JV, enhancing Mumbai connectivity.
  
  
• G R Infraprojects becomes L1 bidder for INR 2440.87 crore NH-33 Bihar project under HAM; 910-day completion.
  
  
• Ceigall Infra subsidiary emerged L1 bidder for INR 603 crore NHAI HAM project in Punjab; execution includes 18-month construction, 15-year O&M.
  
  

Factors shaping market dynamics

1. IF rebar prices show mixed trends w-o-w: IF rebar trade prices showed mixed trends w-o-w across major markets. Market sentiment remained subdued, characterized by sluggish spot trading activity and limited enquiries, as higher offers and slow finished steel bookings kept buyers cautious. Several mills prioritised dispatches of previously booked orders during the week. Inventory levels were estimated at approximately 7-10 days.

In the semi-finished segment, activity remained firm; however, buying interest was weak, contributing to overall market volatility. Semi-finished steel prices declined w-o-w across key markets. Induction furnace (IF) rebar trade prices in Mumbai declined by INR 500/t ($5/t) w-o-w to INR 51,000/t ($545/t) exw as of 20 March.

Meanwhile, the blast furnace (BF) to IF rebar price spread in Mumbai widened to around INR 8,500-9,000/t ($91-96/t). IF rebar continues to dominate the Indian market, accounting for an estimated 65-70% share.

2. Raw material prices: 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 fell by INR 50/t ($0.5/t) w-o-w to INR 5,750/t ($61/t) ex-mines as on 14 March. Odisha iron ore prices edged down amid moderate trade, as cautious buyers sought cost-effective procurement despite steady steel demand.

BigMint's premium hard coking coal (PHCC) index rose by $9/t to $249/t CNF Paradip.

Outlook

Trade prices are likely to remain firm in the near term owing to price hike by mills and cost push from raw materials. Meanwhile, demand in the distribution channel has been slowing due to lower buying interest at higher levels.