Indian Finish long steel – Rebar observed mild response amid weakening market sentiments and contracted trade volumes as price range declined upto INR 1,000/MT (USD 15) on day basis.
Falling prices by medium scale producers is due to declined offers by large scale producers & improved local supply owing to limited response from domestic & export market.
Further, the market sources mentioned that, thin spot trades have increased selling pressure with the manufacturers based in Central, East & Western India.
Offers through manufacturers
— Jalna based manufacturer Rajuri Steel Pvt Ltd unchanged their rebar offers on day basis & offering 28 mm at INR 35,600/MT, ex-work. As per Co. official yesterday demand was better in comparison of today and as per current situation further amendment might get noticed.
— Central region (Raigarh) based Scan Group branding Shrishti TMT having monthly production capacity 20,000 MT, reduced offers by INR 600/MT & offering 28 mm rebar at INR 35,500/MT, ex-work.
— North region based Rathi Steels has decreased their rebar prices by INR 200-300/MT on day basis & offering 12 mm at INR 41,100-41,200/MT ex-works.
— Central region, Raipur based brand – SPEED TMT have decreased their prices by around INR 1,000/MT on day basis & offering 28 mm at INR 34,800/MT (28 mm), ex-work. As per Co. associates price reduction will improve demand and further it can be considered to match the price level from their competitors located in West region (Maharashtra).
— Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 38,300/MT & Billet at INR 32,700/MT, ex-work. As per Co. official wire rod demand is better than the other long products & inventory level is also maintained on average basis only but minor correction can be observed due to overall weak sentiments.
— Raipur based manufacturers are offering trade discount in Wire Rod by upto INR 1,200/MT and through traders it heard about INR 1,500/MT.
— Shakti Ferro Alloys in Chennai, South region has slightly calmed their offer by INR 200-300/MT and offers 12 mm rebar at INR 39,700-39,800/MT & Billet at around INR 34,800/MT payment term immediate & ex-work.
— Gujarat based Shreeyam Power & Steel branding as National TMT has unchanged offers today & offer 20 mm rebar at INR 45,000/MT, FoR & including GST and Billet at INR 33,900/MT, excluding GST. As per official finish sale is very weak & might get some correction further in next couple of days as per current situation.
— East region based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 37,500/MT & rebar at INR 37,000/MT, ex-work.
— Gujarat based Akshar TMT has reduced their price range by around INR 500/MT on day basis & offer 20 mm rebar at INR 44,800/MT FoR & including GST.
— Chennai based manufacturer Kamachi Industries Ltd having monthly production capacity around 40,000 MT branding as KAMACHI TMT offering 12 mm rebar at INR 41,000/MT, ex-plant.
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