Indian long steel market faces a terrible time, market falls uninterruptedly

Long Steel demand remains moderate in Southern part of India
showing no improvement.

On Monday, re-bar prices at Chennai fall by Rs 500/MT to Rs
39,500/MT (Including ED).In line, re-bar prices at Hyderabad also registered a similar
fall of Rs 500/MT to Rs 35,500/MT (Basic Price).

In the North-Western part of the country, Ahmadabad and Kolhapur
also prices dropped shapely.At present offers from Ahmadabad and Kolhapur stands at Rs
35,500/MT and Rs 37,600/MT (Basic prices) after falling by Rs 400/MT and Rs
500/MT respectively.

Re-bar prices in central India are believed to be stable, in
fact prices in Indore shows some gain of about Rs 100/MT on Monday with offers
available at Rs 37,400/MT (Basic price).

However, market participants expect that steel
prices may go up again in February.