Poor Steel Product off take resulted in production cut in Maharashtra

The steel market is getting stiff for steel manufacturers of India. Indian Re-bar market has been showing a downward trend for a long time. It has resulted in production cut and shutdown in many places of India.

In Maharashtra, production of Ingot and TMT is at 30-40% on sluggish demand. Some cities of Maharashtra have now decided to run their plants only 12 hours, instead of 24 hours from 1st of August '13.

That's why Ingot and TMT prices have gone up by Rs 300-400/MT in Mumbai and Jalna. 12 mm Re-bar in these cities is being quoted at Rs 38,100/MT and Rs 37,750/MT respectively.

But as the steel market is floating on demand and supply, so prices of Re-bar all over India except Maharashtra has come down by Rs 200-300/MT due to fewer buying.

12 mm Re-bar in Raipur is being traded at Rs 34,000/MT lower by Rs 200/MT from the previous trade.

In line, Re-bar manufacturers of Goa and Bangalore has also quoted Re-bar prices lower by Rs 300/MT from the earlier trade and are traded at Rs 38,300/MT and Rs 39,600/MT respectively.

All prices are Inclusive of VAT.