India’s rebar market remains quiet, especially in the secondary segment, where demand is weak and buyers are only purchasing what they need while primary rebar prices are holding firm due to supply issues caused by plant maintenance, notes Kallanish.

On Friday, in the secondary market, prices for 12–25mm IS 1786 Fe 500D rebar were at INR 46,000-46,500/tonne ($547-553/t) ex-Raipur, down by INR 500–1,000/t. In the primary market, prices for 12-32mm IS 1786 Fe 550D rebar were at INR 58,000-58,500/t ex-Mumbai.

Secondary rebar prices have corrected downward in the trader market due to ample supply and relatively steady demand.

“There were production cuts by secondary players in February, which had a ripple effect in March. Additionally, anticipation of a safeguard duty led to restocking. However, the situation has since stabilised, and demand-supply dynamics have adjusted, resulting in price drop. A further downtrend is also likely,” said a Mumbai-based rebar trader.

On the primary side, demand is being driven by government-backed infrastructure projects. At the same time, supply remains tight due to maintenance shutdowns at major mills including Tata Steel, SAIL, and JSW Steel, helping to support prices.

“There are strong rumours that all primary mills could hike rebar prices by INR 1,000-1,500/t this month. Flat steel prices have also risen. Government infrastructure projects face pre-monsoon deadlines, which will keep demand strong while supply stays limited further strengthening prices,” a Delhi-based trader noted.

While the primary and secondary segments are witnessing contrasting trends, overall demand remains slow. However, supply-side shortages are likely to continue lending support to primary rebar prices.