Rebar prices of both Fe 500 and Fe 500D grades declined as compared to Friday's levels. Fe 500D prices dropped from ₹43,000/t to ₹42,700/t, reflecting a ₹300/t decrease, while Fe 500 (ex-Raipur) tumbled from ₹39,900/t to ₹39,400/t, a decline of ₹500/t. The prices have been heavily impacted due to weak spot demand, seasonally disrupted due to excessive rains, and need-based buying.

Simultaneously, billet prices also dropped, with the sharpest decline of ₹500/t reported in Mumbai. However, some locations, such as Chennai, witnessed a marginal increase of ₹200/t, indicating regional supply-demand imbalances. Sponge iron prices declined by ₹100–300/t across all regions except Jharsuguda, which witnessed the sharpest fall of ₹300/t. Durgapur, on the other hand, saw a price hike of ₹200/t, indicative of local supply tightness or a surprise pick-up in demand.

Due to the continuous fall in prices, mills are facing mounting pressure to shed inventories and are forced to offer trade discounts.

Outlook:

It has been anticipated that the steel prices are expected to remain under pressure in the near term as demand is likely to stay subdued due to the monsoon and buyer cautiousness. However, the demand may emerge post-monsoon from the infrastructure and construction sector.