India: Trade-level BF-rebar prices remain rangebound w-o-w amid moderate demand

• IF-rebar prices show volatility w-o-w
  
  
• Raw material prices remain firm
  
  

Trade-level BF-rebar prices (distributor to dealer) edged down by INR 100/t ($1/t) w-o-w to INR 60,500/t ($651/t) exy-Mumbai, as per BigMint's assessment on 10 April 2026. Buying activity remained moderate across key regions, while north India witnessed relatively subdued demand, according to sources. Distributors are holding ample inventories, leading to cautious procurement at elevated price levels. Overall, market sentiment remained mixed during the week.

Rebar project prices were workable in range of INR 59,000-60,000/t ($635-646/t) on landed basis, as per market sources.

Update on projects

• NHAI (National Highway Authority of India) built 5,313 km highways in FY26, exceeding targets by 15%. Capex reached INR 2.44 lakh crore, supported by internal funding and asset monetisation amid expanding, higher-capacity road networks.
  
  
• L&T and BHEL (Bharat Heavy Electricals Ltd) are the lowest bidders for thermal power projects worth INR 32,800 crore. L&T leads with INR 22,500 crore, while BHEL secured INR 10,300 crore, strengthening order books amid renewed thermal power investment activity.
  
  
• KEC International secured new orders worth INR 2,518 crore across civil, transportation, T&D, and cables segments, including its largest commercial real estate project and international transmission and supply contracts.
  
  
• Dilip Buildcon, via DBL-RBL (Dilip Buildcon Limited - RBL Joint Venture), emerged L1 (Lowest Bidder) for an EPC (Engineering, Procurement and Construction) project worth INR 268 crore to construct Ged Barrage on the Sabarmati River in Gujarat.
  
  
• RITES secured an amendment from NALCO (National Aluminium Company Limited), increasing contract value to INR 118.89 crore for railway siding engineering and PMC (Project Management Consultancy) work at Utkal-D coal mines.
  
  
• SRM contractors secured an EPC contract worth INR 483 crore from Maharashtra State Infrastructure Development Corporation (MSIDC) for constructing a 14.02 km Nashik Ring Road package, to be completed in 12 months.
  
  

Factors shaping market dynamics

1. IF rebar prices show mixed trends w-o-w: IF rebar trade prices showed volatility across major markets this week. Prices rose initially as manufacturers raised offers supported by decent bookings and lower inventories. Meanwhile, prices witnessed a decline following a ceasefire announcement mid-week, triggering mild panic selling and weak buying interest. Buying activities remained largely need-based amid fluctuating trends. Mills had low inventory levels of around 5-8 days. Induction furnace (IF) rebar trade prices in Mumbai rose by INR 500/t ($5/t) w-o-w to INR 53,900/t ($580/t) exw as of 10 April.

Meanwhile, the blast furnace (BF) to IF rebar price spread in Mumbai narrowed further w-o-w to INR 6,500-7,000/t ($70-75/t) this week. IF rebar continues to dominate the Indian market, accounting for an estimated 65-70% share.

2. Raw material prices remain range-bound w-o-w: Prices of major raw materials used in the BF route were range-bound on a w-o-w basis. BigMint's Odisha iron ore fines (Fe 62%) index dropped by INR 50/t ($0.5/t) w-o-w at INR 5,800/t ($62/t) ex-mines as on 4 April. Prices dipped due to cautious buying, weak steel prices, and limited offers ahead of the OMC auction.

BigMint's premium hard coking coal (PHCC) prices rose by $1/t w-o-w to $259/t CNF Paradip.

Outlook

Trade-level prices of BF-rebars are likely to remain supportive in the near-term as some of the private steelmakers may hike prices in the coming week, sources informed.