India: Re-bar Prices increased up to 1-2% from Yesterday

Re-bar prices are fluctuating in the range of INR 200-400/MT from last one week. Today, its prices inched up by INR 200-300/MT across India.

Sources say that the major reasons behind the increment are:

• Raw material shortage: Transporters strike in Gujarat has created shortage of Scrap in Gujarat and Mandi Gobindgarh.
• High Ingot/Billet prices: Due to scrap shortage in North India, Ingot/Billet manufacturers have kept their offers higher up to INR 200-300/MT.
• Improving demand: According to a Re-bar manufacturer based in Raipur –“Inquiries for Re-bar have increased from yesterday. Now, our offerings are increased by INR 200-300/MT from last traded figures.”

Although, the demand for finished goods is not much encouraging in other cities, but above mentioned reasons have made the Re-bar sellers to keep the high offers.