India: Secondary Re-bar offers marginally Down

Re-bar manufacturers of India have made a slight cut of INR 100-300/MT from last trade because of weak sale in finished long steel products and stable semi finish products prices.

In Raipur city, a part of Central India, Re-bar offers for GK TMT has moved down by INR 300/MT. Generally Re-bar is supplied in Maharashtra, Tamil Nadu and Kerala region, but owing to slow off take from these regions and lowered sentiments in Steel market, Raipur Re-bar manufacturers have cut Re-bar offers.

Correspondingly in Mumbai, Shree Vaishnav Industries Pvt Ltd with a Re-bar production capacity of approx 18,000MT/M has made a negligible cut of INR 100/MT from last trade.

However in Indore, Anant TMT prices remain unchanged from last 3-4 days.

Meanwhile, Rourkela Scan and Reliable Re-bar offers remain same from last one week.

“We are not receiving demand for finished long products from past few days and it seems that demand will not be encouraging in future terms”, said Reliable TMT manufacturer based at Rourkela. Sales of Ingot in CST have also moved down owing to less inquiry from other states, he further added.