Indian Rebar trades have passed through dull sentiments as demand tumbled from last couple of days and trade sentiments were quiet unobtrusive. Industry participants have stated that limited bookings over low inquiries by trade participants
North Region market observed limited supply movement and lead to reduce price range by around INR 500/MT yesterday and apart from reducing prices minor discount level of INR 200-300/MT could stretch demand from existing level.
The mill owners in Central, West & North India who’s production for rebars about 200-500 MT per day also stated slowdown demand at current offer prices.
According to SteelMint price assessment, today the offers by medium mills for 415/500 Fe grade rebars (size 12 mm) are reported – at INR 36,600-36,800/MT (- 200) ex-Raipur, INR 38,300-38,500/MT (-200) ex-Durgapur, INR 38,700-38,800/MT(-500) ex-Mumbai, INR 39,800-40,000/MT(0) ex-Hyderabad & INR 38,800-39,000/MT (0) in Delhi. The changes mentioned above are day-on-day basis.
Trade Updates
1. North Region based Rathi Steels, has declined prices by INR 500/MT yesterday and offered 12 mm at INR 39,800/MT ex-Delhi. The company price range being usually followed by other steel manufacturers in North-east regions.
2. Jalna based Kalika Steels unchanged their prices today, meanwhile reduced by around INR 200/MT yesterday and current basic rebars at INR 36,800/MT. As per officials conversation, overall demand may keeps price range with minor changes for coming days.
3. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered Rebar 12mm at INR 42,000/MT ex-plant & excluding GST.
4. Tulsyan NEC Steel (Tulsyan) based in Chennai has kept the same prices and offered Rebar 12mm at INR 42,000/MT, ex-plant & excluding GST.
5. As per SteelMint assessment – sharp price hike observed in South region – Chennai market headed by improved domestic inquiries over shortage of billet in the local market as major share of producers are packed with advance bookings for domestic & exports and the dispatches are in pipe line. These factors hold the prices for short term and trade range might get mark prior to enhance prices to match export orders. Current domestic price range of Billet are assessed – INR 36,500-37,000/MT (USD 562-569) & few billet export inquiries heard around USD 535-540/MT and rebar around USD 610-615/MT from South East countries on CIF basis.
6. Mahaxmi TMT based in Wardha – Maharashtra unchanged rebar prices D-o-D basis and the latest offers for the day for 12 mm are reported at INR 37,300/MT ex-plant and excluding GST. As per officials supply movement is happening on the average basis neither low nor high and trade sentiments will be heading with sanguine surroundings.
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