Indian Secondary Rebar market couldn’t absorb depressed prices amid bearish sentiments and downturn in prices by around INR 1,500-2,000/MT (USD 21-28) Week-on-Week, in overall regions.
As per industrialists, market may remain under pressure in near term amid weak sentiments along with declining raw material prices and lack of buying interest which has come up due to rise in stock levels.
Further, lack of demand has been absorbed due to ongoing elections which have halted unaccountable sale movement along with weak demand from housing sector leading to liquidity crunch, stated by market participants.
However few specified regions have adjusted their production level as per market trend and avoid further mounting stock amid selling burden.
Trade Updates
— North region based Gallant Ispat Ltd. offering rebar at INR 35,600/MT (10-25 mm).
— North region based Rathi Steels unchanged their offering at INR 37,900/MT.
— Central region, Raipur based brand – SPEED TMT unchanged their offering at INR 34,800/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) slightly decrease their price by INR 200/MT and offering at INR 37,500/MT FoR.
— Jalna based Kalika Steels has slightly decreased their prices by INR 200/MT on day basis & offering at INR 36,300/MT.
— South region based Prakash Ferrous Industries Pvt. Ltd (Tirumala) has decrease their price by INR 500/MT on day basis and offered at INR 40,000/MT.
— South region – Chennai based ARS Trusteel has unchanged their prices on day basis & offered at INR 41,400/MT.
Note – Rebar (12 mm) prices mentioned above based on ex-work and excluding GST.
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