• Monsoon season ahead
• Maharashtra’s LBT Strike might discontinue within couple of days
• Restocking at retail end to improve
What has the monsoon got to do with steel demand? A lot in India, where small demand from rural and urban India impact the steel prices in big way. The country's official weatherman will soon be making the first forecast of behavior of the southwest monsoon (June to September), accounting for 75 per cent of annual rains. But many global weather forecasting agencies are foreseeing a normal monsoon for India.
In NCR region of India, Re-bar prices move up by Rs 400/t against rising scrap prices. Ingot prices move up by Rs 200-300/t due to new Scrap Import duty imposed by 2.5%.
At Mandi Gobindgarh Ingot prices sharply move up by Rs 400-500/mt.
In similar line Raipur TMT manufacturers are quoting 12mm at Rs 32,600, stronger by Rs300-400/mt from last week price. MS Ingot is offered at Rs 28,000/mt and commercial billet at Rs 28,600/mt Rs 300-400/mt strong from previous trade. Structure manufacturer also raised their offer by Rs 400-500/mt eyeing Maharashtra demand to reopen. All prices are basic.
In contrary Mumbai 12mm Re-bar prices offered 300/mt lower at Rs 33,700/mt with very thin volume traded due to ongoing strike on LBT Issue. ‘Strike might continue further for 2-3 days, Government is in pressure to remove LBT’ said manufacturer based in Mumbai.
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