At the week closing on 26th September, the rebar prices in India showed contrasting trends across the Induction Furnace (IF) and Blast Furnace (BF) routes. The prices for the IF route were mixed and varied from week to week, from ₹100–₹900/tonne, depending on the area. IF route of Raipur was ₹39,500–₹39,900/t, Jalna was ₹42,800–₹43,400/t and Mumbai were ₹43,300/t. On the other hand, the BF route prices decreased by ₹200/t to ₹46,800/t in Mumbai's trade market. The main driver of the decline in BF route rebar prices was the lack of demand, as well as festivals and high monsoon rains that lashed construction works, affecting logistics. Furthermore, primary mills either increased their discounts or cut their list prices as buyers were cautious and avoided any bulk buying. Inventory levels have also risen, although stockholding was prolonged and stocks were being carried for 12–15 days in some regions.

Outlook:

The rebar prices, especially for the IF route, are expected to stay range-bound as market players are still adopting a wait-and-see approach. Currently, there is no expectation of any strong upward price movement until post-festival demand hits and logistical issues due to the monsoon improve. For the BF route rebar, prices might experience soft downward pressure unless construction activity picks up in most regions. Overall, the market is exhibiting a cautious sentiment, and pricing decisions will depend on how fast inventories are liquidated and if infrastructure demand picks up in October.