- Inventories drop by around 20% m-o-m
- IF rebar prices edge up m-o-m in Jan’25
Indian tier-1 mills raised rebar list prices by INR 500-1,000/tonne (t) ($6-12/t) for early-February 2025 compared to end-January 2025 levels, sources informed BigMint. Post revision, list prices hovered at around INR 52,000-53,000/t ($594-605/t) on a landed basis.
It should also be noted that rebar inventories with mills declined by around 20% m-o-m in early-February 2025, BigMint heard from market sources.
Update on projects
- The Minerals and Metals division of Larsen & Toubro (L&T) will set up a pellet and direct reduction iron (DRI) plant for a major steel producer in the MENA region, supporting global decarbonisation efforts with advanced technologies.
- In January 2025, NCC Limited secured an order worth INR 424.79 crore (excluding GST) for its transportation division from the state government, excluding any internal orders.
Factors behind market dynamics
1. IF rebar prices edge up m-o-m: Induction furnace (IF) rebar trade prices edged up m-o-m in January 2025 amid moderate buying activities across markets. Manufacturers initially offered discounts and reduced list prices to liquidate their material. However, prices increased towards the end of the month amid improved buying activities. Inventory idling time reduced m-o-m to around 10-12 days across markets. As per BigMint’s assessment, IF rebar prices edged up by INR 200/t ($2/t) m-o-m to INR 47,100/t ($538/t) exw-Mumbai in January 2025.
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