India: Bhagyalaxmi Rolling Mill announces sharp reduction in re-bar offers

Bhagyalaxmi Rolling Mill Pvt Ltd, (Polaad TMT), a TMT producer in Maharashtra’s Jalna, has sharply reduce re-bar prices today by INR 1,000/t. The current offer for Fe 500 grade 10-25 mm material stands at INR 47,500/t, exw (excluding GST). Low demand for re-bar steel in the spot market and higher inventories at mills have resulted in the manufacturer reducing offers, sources told SteelMint. The company has a daily re-bar production capacity of around 2,000 t.