As per trade sources, Finish long steel – Rebar market has observed calm demand over uncertain directions & impending monsoon.
Finish long steel price range got affected in line with loosing semi finish along with recent price reduction in Rebar as well as Wire rod by large scale producers around INR 500-1,000/MT (USD 7.5-15).
As per sources, market sentiments hardly bear optimistic view as trade volumes are very thin from last 3-4 days and anticipating further fall in near term.
Rebar the key commodity has declined nearly by INR 400-800/MT (USD 6-12) in last 3-4 days in particular regions amid traders expectation to hold future bookings is in downward direction as there will be expected fall in prices of Rebar in near future.
Wire Rod prices have slumped around INR 800-900/MT (USD 12-13.5) in East & Central regions and current trade reference prices of Wire Rod (Size – 5.5 mm) at INR 40,900/MT, ex-Durgapur & INR 41,100/MT, ex-Raipur & trade discount reported around INR 1,200-1,400/MT. Price mentioned above based on ex-work & excluding GST.
Trade Updates
1. Jalna based Rebar manufacturer – Rajuri Steel Pvt Ltd having monthly production capacity 60,000 MT has decreased their prices on day basis by around INR 300/MT and offering basic Rebar at INR 37,700/MT, ex-work & excluding GST. As per official view trade inquiries are slow from last couple of days & price range should get amended for near term.
2. Rathi Steels, known as price trend setter for North India, having monthly production capacity 150,000 MT, has decreased prices by around INR 500/MT and offered 12 mm Rebar at INR 44,800/MT ex-Delhi. The company largely sells finished steel to North-east regions.
3. Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT having monthly production capacity around 12,000 MT, Billet around 24,000 MT monthly & Sponge production around 18,000-19,000 MT, has offered 20 mm Rebars at INR 49,000/MT FoR & including GST at 18% & Billet at INR 37,100-37,200/MT, ex-work & excluding GST. As per official view Rebar demand is slow & requires price range will exist as per current scenario.
4. Jalna based Rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT has decreased prices by INR 300/MT on day basis and offering basic Rebar at INR 37,700/MT, ex-work & excluding GST.
5. Jalna based Kalika Steels producing Rebar about 25,000 to 30,000 MT per month has decrease offer by around INR 400/MT & offering 28 mm Rebar at INR 37,600/MT, ex-plant & excluding GST.
6. Chennai based manufacturers namely Suryadev Alloys having monthly production around 15,000 MT, offering 12 mm Rebar at INR 40,800/MT & Billet at INR 35,500/MT, ex-plant & excluding GST.
7. Chennai based manufacturer Kamachi Industries Ltd having monthly production capacity around 40,000 MT branding as KAMACHI TMT offering 12 mm Rebar at INR 41,500/MT, ex-plant & excluding GST.
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