Re-Bar Prices Increased on high Semi Finish Prices, Buying interest remains Low

Re-bar manufacturers of India increased the price of the product by INR 200-400/MT from last trade on account of hike in Semi Finish product prices.

In Northern and Central part of India, Re-bar prices moved up by INR 200-400/MT from last trade owing to shortage of Ingot and Sponge. At Muzaffarnagar and Raipur 12 mm TMT is being traded at INR 33,400/MT and at INR 31,800-32,000/MT respectively.

Few days back, in Hyderabad a spurt of INR 200-300/MT was seen in TMT and Ingot because of a little increment in local demand. Presently 12 mm TMT is quoted at INR 32,800/MT higher by INR 100/MT from last trade.

A TMT manufacturer based at Gujarat said, “Market demand is not matching the increasing rates; hence, there is not much improvement in the market of Finished Steel. As scrap and Ingot prices increased by INR 300-400/MT in city but Re-bar is trading at the same level. 12 mm TMT is traded at INR 33,500/MT.

Whereas Mumbai based Shree Vaishnav Industries Pvt Ltd with a Re-bar production capacity of approx 18,000 MT per month has cut its price by INR 300/MT in last two days as  Ingot price decreased by INR 400/MT.

Market participants are of the view that there are less chances of price increase before Diwali because Finish product buying is slow owing to festive season.  Along with this manufacturers and traders have selling pressure due to liquidity crunch.

All prices are Basic.