Rebar prices increased sharply amid higher raw material prices and improved buying inquiries over positive sentiments.
As per trade participants, considerable improvement in buying inquiries have lessened piling up of inventories which was noticed in beginning of the week. Trade sources mentioned that bookings are being made for next one week time in specified regions as traders anticipate semi finished steel prices to remain firm.
Trade sources reported Inventories have remained more or less at similar levels and traders are yet to lift booked materials on less clarity over banned construction activities due to solid waste management in Maharashtra, M.P, Uttrakhand & Chandigarh (UT) as per recent noticed by Supreme Court. However as per latest update received, SC has lifted ban on construction activities in Maharastra and Uttarakhand today.
Whereas, on weekly basis price range changed by INR 400-800/MT in north as well as south region and central & western region remained moderated with slight development.
Trade Updates
— Chennai based manufacturer Kamachi Industries Ltd branding as KAMACHI TMT offering 12 mm Rebar at INR 42,000/MT, ex-plant & excluding GST.
— Mahalaxmi TMT Pvt Ltd based in Wardha – Maharashtra also hike rebar prices around by INR 500/MT from yesterday and the latest offers of basic 28 mm are reported at INR 37,000/MT ex-plant.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT increased INR 400/MT on day basis and offering basic rebar at INR 37,300/MT, ex-work & excluding GST.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT increased by INR 200/MT on day basis and current offering basic rebar at INR 48,200/MT FoR & including GST at 18%, Size – 20 mm & Billet at INR 37,800/MT, Ex-Work & excluding GST.
— Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 41,000/MT (12 mm) and Billet offering at INR 36,500/Mt with immediate payment term ex-work & excluding GST.
— East Region Based – Baba Smelter Pvt. Ltd has offered basic Structure 125,150 Channel at INR 41,750/MT, ex-work, excluding GST.
— North Region based U.P – K.L Steel Pvt Ltd increased their prices by around INR 300/MT on day basis and current offered Heavy Structure at INR 44,000/MT, (ISMB – 250), ex-work & excluding GST.
— As per sources, Large mill offers Structure IS – 2062 grade Structure (100/125 Channel) at INR 43,500-44,500/MT, Ex-Stock yard – Mumbai.
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