Re-bar manufacturer across India believes prices are at bottom level. Low production due to shortage of labor and low demand is presently balancing the demand and supply. They also believe that price to remain range bound if demand improve as over all market sentiment is down.
Today sign of improvement in North India – Muzaffarnagar and Durgapur witnessed as TMT offered increase by Rs 500/t and Rs 300/t respectively. Whereas in other market price remain firm.
MS Ingot price also see some relief as price in Mandi Gobindgarh traded higher by Rs 300/MT over Saturday traded price. In raw material sponge price corrected by Rs 200-300/MT as Ingot manufacturer refuses to buy sponge at higher prices.
As per World Steel Association, steel consumption in India rose by 2.5 percent in 2012 but growth is expected to accelerate, to 5.9 percent in 2013 and to 7.0 percent in 2014.
Leave a Reply