TMT Prices Hold Steady Amid Weak Demand and Comfortable Inventories

Snapshot

TMT bar prices were broadly unchanged this week as mills and stockists navigated soft site activity and adequate yard inventories. Trade remained deal-driven with selective discounts for faster payments and nearby delivery.

Demand Pulse

• Construction/Infra: Project pace is uneven; government jobs continue but private sites are cautious.

• Retail/Channel: Footfall modest; contractors buying need-based only.

• Regional Mix: Tier-2/3 markets steadier than metros where restocking is deferred.
  
  

Supply & Inventories

Mills maintained output near recent run-rates, while stockists reported comfortable 2–3 weeks of cover. The absence of aggressive import parity pressure also reduced immediate downside.

Pricing & Spreads

Transaction levels stayed rangebound; transportation and scrap/BF spreads were stable, limiting scope for sharp price cuts. Mills preferred protecting realizations over volume pushes.

Outlook

Base case is sideways pricing near term. A firmer tone needs visible pickup in pours and rebar cut-and-bend orders; downside risk stems from extended low offtake or a cost uptick squeezing margins.