Indian Rebar Prices in Secondary Market Fall on Limited Trades

Indian rebar prices of secondary players have narrowed down over dull sentiments along with limited construction works due to lack of workforce post festive holidays. Thus, rebar price range has come down by INR 200-1,200 (USD 3-17)/MT on weekly comparison.

The rolling mills in some specific regions are still not fully operational due to the inappropriate presence of manpower owing to festive week (Holi) and might take a couple of days more in order to evolve operational ratio up to certain level. However, the finished steel demand is still lacking as the trade volumes varied from region to region.

–Trade associates based in western India shared that the supply movement has been affected along with high inventory levels as against average range. Rebar prices may improve further with an anticipation to get some stability in trade volume.

–However, the re-rollers in other regions said that the existing stock level has been sold out but poor material lifting has ultimately strengthened the selling pressure. Missing demand would lead mills to offer trade discount in the near future to ease the selling pressure.

–Current rebar offers by mid scale mills are hovering at INR 31,900-32,100/MT ex-Raipur, INR 31,600-32,000/MT ex-Durgapur, INR 35,800-36,100/MT ex-Jalna & INR 34,600-35,000/MT ex-Chennai, Grade- Fe500, excluding 18% GST & size 12-25mm.

Trade Updates (Rebar 12 mm)

— Rathi Steels based in North region is current offering around INR 35,300/MT.

— Muzaffarnagar based Sarvottam Rolling Mills Pvt. Ltd.(Paras TMT) is current offering at INR 32,400/MT.

— Raipur based Real Ispat (GK TMT) is offering at INR 34,600/MT(down by INR 300/MT).

— Raigarh based Anjani Steels Ltd. (Radhe TMT) is current offering at INR 32,200/MT.

— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is current offering at INR 36,100/MT(down by INR 400/MT)

— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is current offering at INR 35,400/MT FoR.

— Gujarat based Vinayak TMT Pvt. Ltd. is current offering at INR 35,400/MT.(down by INR 700/MT)

Note- All prices are basic & excluding GST, subject to re-confirmation.