Re-bar prices moved up earlier this month by Rs 1,000-1,200/t on increased power, raw material and freight charges. On hopes of recovery, traders and stockists made purchases earlier this month. Though rise in prices seem to be fading out over weak demand at retail counters.
Maharashtra prices are steady with minor downfall due to less trade activity. “We are opposing Local body tax (LBT) imposed by the state government against octroi w.e.f. 01.10.2013. We are going on indefinite strike from 22 April†said Bombay Iron Merchant Association in a circular released.
At Raipur, 12 MM rebar prices are constant at Rs 33,600/t (basic) that is still higher by Rs 200/t over April month average price of Rs 33,400/t. In line, south market still hold upward price by Rs 400-500/t as Bangalore is trading at Rs 38200/t (basic) high by Rs 300/t from April month average price of Rs 37,800. Similarly Chennai price is higher by Rs 500/t from April average price of Rs 36200/t (Basic)
According to experts, prices may correct in central India as overall trading activiy in Maharastra will be impacted due to LBT strike starting from 22nd April. Movement of re-bar from Raipur to M.P is also low due to low construction activity. Similarly demand from South India is also low and Raipur based trader are offering discount of Rs 300-400/t to book the material.
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