Indian secondary Rebar market did not acknowledge adequate buying inquiries amid lack of bookings. This has forced trade participants to correct prices and prices fall by INR 300-500/MT on day basis.
As per trade participants, slightly high inventories amid limited trade volumes are the major concerns for the price corrections along with softening raw material (Billet) as the price range lessen up to INR 1,000/MT in specific regions in last couple of days.
It’s being noticed that traders are not willing to lift material due to uncertain direction and bookings also made as per requirements.
On weekly basis, rebar prices were decline by INR 600-800/MT (USD 8-11) in overall regions except Chennai & Mumbai market where some renowned mill were not operational due to pollution concern and few of them are under maintenance respectively.This mismatch of supply & demand has led to move up prices amid limited procurement options in particular markets.
Trade Updates
— Shakti Ferro Alloys in Chennai, South region has offered Rebar at INR 42,500/MT (12 mm) & Billet at 37,500 MT, ex-work, & excluding GST.
— North region based Rathi Steels has decreased their rebar prices by INR 200-300/MT on day basis & offering 12 mm at INR 41,200/MT ex-works & excluding GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged their prices on day basis and offering 28 mm rebar at INR 37,000/MT, ex-work & excluding GST.
— Chennai based manufacturer Kamachi Industries Ltd branding as KAMACHI TMT offering 12 mm Rebar at INR 43,000/MT, unchanged on day basis, ex-plant & excluding GST.
— Jalna based Kalika Steels has unchanged their prices on day basis & offering 28 MM Rebars at INR 37,000/MT ex-plant & excluding GST.
— Central region, Raipur based brand – SPEED TMT has unchanged their price on day basis and current offering at INR 36,800/MT (28 mm), ex-work & excluding GST.
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