Indian Rebar market has observed limited trade amid lack of inquiries. As per SteelMint assessment, local Rebar prices drop by around INR 200-400/MT (USD 3-6) day-on-day & by INR 500-900/MT (USD 7-13) in week duration.
The Medium/small scale Rebar producers have mentioned, buying inquiries are very limited and some of the regions are observing heavy monsoon leading to poor off take with unrealistic sentiments where traders are very conscious for future bookings.
Large scale producers, who’s major proportion of steel, supply in projects works being reported down fall in sales in last few months due to seasonal slowdown. Hence to match demand-supply the producers are forced to cut prices.
In a month duration the large scale producers like – SAIL, RINL, JSPL & JSW Steel have reduced Finished long steel prices by around INR 2,000/MT (USD 29) and currently the prices for 12 MM Rebars assessed at around INR 41,500-42,000/MT ex-works, Mumbai.
JSW Steel India’s one of the largest steel producer reported fall in Long steel sales more than 16% Q-o-Q. The company in its quarterly results reported Long steel sales at 0.87 MnT in Q1 FY19, declined from the last quarter at 1.04 MnT (Q4 FY18).
Trade Updates
1. Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has unchanged prices on day basis & offering 20 MM Rebar at INR 43,800/MT FoR & including GST & Billet at INR 32,800-33,000/MT, ex-work & excluding GST.
2. Rathi Steels known as price trend setter for Northern region has unchanged prices on day basis and current offering 12 MM Rebar at INR 37,700/MT ex-work & excluding GST.
3. Central region, Raipur based brand as SPEED TMT known as price settler for other brands decrease their prices by around INR 300/MT on day basis & offering 28 MM Rebar at 32,200/MT ex-work.
4. East region based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 MM at INR 36,000/MT & Rebars basic at INR 35,500/MT ex-work.
Further, as per traders inventory level is piling up & very low demand in Wire Rod & Rebars and Wire rod price vary by around INR 500-600/MT as per producers.
5. Central India based Raipur Power and Steel Ltd offering Wire Rod 5.5 MM at INR 36,500/MT ex-work.
6. Chennai based – Suryadev Alloys offering 12 MM Rebar at INR 39,200/MT & Billet at INR 34,200/MT ex-work. As per official view average movement is getting noticed & doesn’t assuming any major changes for near term at current price range.
7. Jalna based Kalika Steels has unchanged their prices on day basis & offering 28 MM Rebars at INR 33,800/MT ex-plant. As per official view inventory level is slightly high in comparison to average level but retailers are running low stock and their procurement interest might get sustain further.
8. Central region (Raipur) based Kamdhenu TMT currently offer basic Rebar at INR 34,600/MT, ex-work. As per official view demand got improved from last few days but not at appropriate level and minor amendment might get notice for near term.
Leave a Reply