As per market sources, finish long steel – Rebar market has observed average demand. Trade participants are moving cautiously before making further bookings in specified regions.
Finish Long Steel – Rebar producers have mentioned conscious buying from the buyers and stockiest amid unclear market directions where semi finished (Billet) prices have gone up from last couple of days near about INR 500-1,000/MT (USD 8-15) in overall region.
Rebar the key commodity for construction has surged nearly INR 500-800/MT from past 2 days amid strengthening billet but the demand is moderate and the price movement is slightly inching up.
Further, it is anticipated that existing price range will stabilize for short term only amid limited trade volume with approaching monsoon in specified regions.
Under Finish long commodities i:e; ERW (Electric Resistance Welded) Pipe surge in line of semi-finish but reported near to average supply movement and current basic offering at INR 45,900-46,000/MT ex-Mandi Gobindgarh, North India & INR 43,800/MT ex-Raipur, Central region.
Wire Rod have climbed by around INR 300-400/MT in east & central region and current trade reference of Wire Rod (Size – 5.5 mm) at INR 41,500/MT, ex- durgapur & INR 42,000/MT, ex-raipur & trade discount registered around by INR 800-1,000/MT. Price mentioned above based on ex-work & excluding GST.
Trade Updates
1. Central region (Raigarh) based Anjani Steels Limited branding Radhe TMT having monthly production capacity of 12,000 MT has increased prices by around INR 500/MT on day basis and offering 28mm Rebars at INR 39,300/MT ex-work & excluding GST.
2. Jalna based rebar manufacturer – Rajuri Steel Pvt Ltd having monthly production capacity of 60,000 MT has increased their prices yesterday by around INR 200/MT and offering basic Rebar at INR 38,200/MT, ex-work & excluding GST. As per official view trade inquiries are average today in comparison to past couple of days & price range should get sustain for near term.
3. Rathi Steels, known as price trend setter for Northern region, having monthly production capacity of 150,000 MT India has increased prices by around INR 500/MT and offered 12 mm Rebar at INR 45,100/MT ex-Delhi. The company largely sells finished steel to North-east regions.
4. West region based Bhagwati Ferro Metal (P) Ltd having monthly production capacity around 20,000 MT has increased their prices by around INR 500/MT & current basic Rebar offering at INR 37,200/MT for Mumbai (ex-work) & excluding GST. As per official view past week had made sufficient bookings amid improved demand & as per current scenario average supply movement will move on with same direction without any major obstacle.
5. Shakti Ferro Alloys in Chennai, South Region has offered 12mm Rebar at INR 40,000/MT and Billet at INR 35,000/MT with advance payment terms & having monthly Rebar production around 10,000 MT & Billet at 40,000 MT.
6. Prakash Ferrous Industries Pvt. Ltd (Tirumala), Chennai having monthly production capacity of 30,000 MT, has unchanged prices on day basis & offering 12mm Rebar at INR 42,000/MT ex-plant & excluding GST.
7. Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT having monthly production capacity of Rebar around 12,000 MT, Billet around 24,000 MT & Sponge around 18,000-19,000 MT has increased Rebar prices today by around INR 300/MT & offering 20 mm at INR 49,500/MT FoR & including GST at 18% & Billet at INR 37,500/MT with rise by INR 200/MT, ex-work & excluding GST. As per official, demand is average on finished steel products.
8. Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT has increased prices by INR 100/MT on day basis and offering basic Rebar at INR 38,200/MT, ex-work & excluding GST.
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