ARS Steel & Alloy Int’l Pvt. Ltd. (TMT brand ARS 550D), a major standard global services (SGS)-certified rolling mill in Chennai, has reduced re-bar offers by INR 2,000/t, as per latest reports. The current offer for 10-25 mm re-bar stands at INR 50,100/t exw, sources informed to SteelMint. One factor that has contributed to offers slackening is the negligible gap between blast furnace and induction furnace route re-bar prices. That apart, dull market sentiments resulting in poor offtake of finished steel products across regions have also dampened offers.
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