India: RINL slashed Long Steel Prices by Rs 250-500/MT for Aug '13

Rashtriya Ispat Nigam Ltd (RINL), India's largest manufacturer of Re-bar with 2.5 MnTPA capacity, has announced its August '13 prices for long steel. 

RINL has reduced its long steel prices by Rs 250-500/MT across its depots in the first week of Aug '13. RINL has been reducing its offers from June '13 onwards. 

This is the third revision in row by RINL in its monthly prices. The offers for 8 mm Re-bar in Mumbai is at Rs 44,150/MT (ED included, VAT extra).

Secondary Re-bar market is also witnessing a downturn of Rs 1,000-1,500/MT on M-o-M basis. 

However in Mumbai, secondary TMT price went down marginally by Rs 200-300/MT and is being traded at Rs 38,100/MT. (ED included, VAT Extra)

The Indian long steel market is going through a terrible time and is falling uninterruptedly due to poor off take in sales volume that is depressed with seasonal demand and low construction activity.