India: RINL (Primary) Increase Discount for the Dealers by Rs 500-700/MT – Sources

RINL had reduced Re-bar prices by Rs 500-700/MT across its depot in the first week of June'13 said a reliable source. This is the second consecutive price revision by primary manufacturers to boost up the sale. The first price cut was made on 10th June'13 by the primary players as they had reduced their offers up to Rs 700-1000/MT and at present they have kept their prices unchanged and increased the discount rates. Big manufacturers also heard to follow the suit, and reduce their prices, eyeing the price reduction of Re-bars by the secondary manufacturers.

Offer of 8MM given by RINL in Mumbai was at Rs 45,150/MT in the beginning of the month, whereas, now it is offering at around Rs 44,650-44,450/MT (ED included, VAT extra).

Secondary Re-bar market also went down by Rs 200-500/MT. At Mumbai, secondary TMT prices went down by around Rs 300-400/MT W-o-W as it is now being traded at Rs 39,000/MT.