Today Re-bar manufacturers of India have cut price of the material by INR 500/MT from last trade because of the low demand and increased inventory.
In Raipur city, a part of Central India, Kamdhenu TMT which has 2 units with Re-bar production capacity of 11,000 MT per month has announced that its prices have reduced by Rs 500/MT. In general, Kamdhenu's prices are at premium of Rs 500-700/MT from local suppliers. Following these two manufacturers, the other Re-bar producers of the city with total Re-bar production capacity of approx 50,000-60,000 MT per month also kept their offers subdued considering low demand from M.P and Maharashtra. It's being learned that M.P border will remain close till 28th Sep due to sales tax audit.
Correspondingly, Anant TMT, Anant Steel Pvt. Ltd. with a Re-bar production capacity of approx 14,000MT per Month in Indore has reduced its prices by Rs 500/MT.
Whereas Mumbai, Shree Vaishnav Industries Pvt Ltd with a Re-bar production capacity of approx 18,000MT per Month has made an increment in its price by Rs 200/MT from last trade as semi finished prices increased by Rs 300/MT.
Market participants believe this price cut is majorly announced to clear the inventory. Whereas looking at the long term, prices may hike due to ongoing shortage of raw material and low production of MS Ingot and Billet.
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