The prices of TMT rebars -- a key requirement for infrastructure projects -- are trading at 24-month low levels and the trend is expected to continue for the next few quarters, SteelMint said.

       Rates of TMT bars produced through blast furnace (BF) route have touched Rs 51,400/tonne level and rebars manufactured through induction furnace (IF) are trading at Rs 47,493 a tonne, the research firm said.

       The latest prices were registered on July 23.

       Such level for TMT bars produced via BF route was last witnessed in August 2021 when the rate of rebar was Rs 51,625 per tonne. While IF made rebars were priced at Rs 47,041/tonne in July 2021, SteelMint data showed.

       Since then the prices have maintained an upward movement to reach their all-time high levels -- Rs 72,880 per tonne (BF route) in April 2022 and Rs 68,418 per tonne in March 2022, it said.

       A SteelMint analyst cited slowdown in demand on account of inflationary pressures as the main reason for fall in prices.

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       "Steel exports from India have been falling from last one year (exports have dropped over 30 per cent in Jan-Jun'23 against Jan-Jun'22). We have observed an increased flow of imports from Vietnam and Russia in the last few months," it said.

       Energy prices have also stabilised. This has reduced the cost of production for mills across the globe, the analyst said, adding prices seem to be nearing bottom and maintain the trend over the next few quarters.

       Key building materials like steel and cement constitute 50-60 per cent to the cost of construction of a project.