The medium & small mills in domestic market are facing low demand in rebars since a week duration. This has forced producers to cut prices in line to attract buyers.
According to SteelMint daily price assessment the re-bar prices in domestic market have come down by almost INR 500/MT(USD 8) in last 2 to 3 days over poor inquiries from stockiest and end user segment as well. Currently, Indian domestic prices for 12mm, Fe 500 TMT are hovering at INR 29,200- 33,500/MT (USD 450-515) ex-works & excluding GST.
Today, offers in major markets are assessed at INR 29,200-29,400/MT (-100) ex-Raipur, INR 30,300-30,500/MT (-200) in Durgapur, INR 29,100-29,300/MT (0) ex-Jalna, INR 30,000-30,300/MT (-200) ex-Hyderabad, INR 29,400-29,600/MT (0) ex-Ahmedabad & INR 33,000-33,200/MT (0) ex-Delhi. The prices for 12 mm rebar and the changes are mentioned on daily basis.
The manufacturers in Central & East India have mentioned low inventories, meanwhile they added, if demands remained poor, prices to fall further.
India is third largest steel producer in the world with an annual production capacity of around 120-125 million tonnes. Indian rebar market is dominated by medium and small scale manufacturers who hold over 65-70 per cent of market share.
Offers by Manufacturers
1. GK TMT one of the premium brand in Raipur- Central India offers 12 mm rebars at INR 31,200/MT ex-plant. According to officials the offers fell by INR 300-400/MT against offer prices on 6th Nov.
2. Rathi Steels in Delhi has rolled over rebar prices for the day at INR 33,700-33,800/MT for 12mm. However, since start of week the offers fell by INR 300/MT.
3. Maharashtra – Jalna based Kalika Steel Alloys has kept firm rebar offers at INR 29,200/MT for 12mm. Since start of week the offers decline by INR 300-500/MT. The company has monthly rebar production capacity about 27,000-30,000 MT.
4. Mahaxmi TMT based in Wardha – Maharashtra also cut rebar prices around INR 500/MT since start of week. The latest offers for the day for 12 mm are reported at INR 29,300/MT ex-plant. According to officials, the capacity of rebar production is about 30,000 MT monthly.
5. Cauvery Iron & Steel from Hyderabad is offering 12mm rebar at INR 30,000/MT (ex-Plant), down by INR 500/MT against trades on 07 Nov.
6. Rebar offers for 12-25mm by the large producers namely, SAIL (Steel Authority of India) & JSW Steel are heard at INR 33,500-34,500/MT ex-Mumbai for grade 550D.
7. In last week a rebar export deal for small lot concluded by Mono Steels based in Gujarat at around USD 550/MT CFR Myanmar.
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