Rebar offers fall further by upto INR 800/MT W-o-W in major Indian market.
With the correction of INR 700/MT this week, rebar prices in Mumbai hit a 5-year low. Subdued demand and falling global steel prices pushed rebar prices down to INR 27,900/MT for 12 mm (Ex- Factory, excise duty and other taxes extra). This level was last seen in Sept’10.
Rebar demand across India remained weak, and will continue to be so, amid seasonal slow down. First quarter of current financial year has been very disappointing for Indian steelmakers. Prices have corrected upto 20% as compared to Q1 of preceding financial year.
Primary steelmakers may revise prices in August owing to subdued demand and prices being reduced by secondary steel makers.
Currently, offers of primary steelmakers are at INR 32,000-32,500/MT for 12 mm (basic price, excise duty and other taxes extra).
Indian Billet and Rebar Prices
|
Region |
City | Billet | W-o-W | Rebar# |
W-o-W |
| Central | Raipur | 23,800 | – 850 | 27,300 | – 800 |
| Eastern | Durgapur | 24,000 | – 800 | 27,100 | – 800 |
| Western | Ahmedabad | 24,400 | – 1,800 | 28,400 | – 800 |
| Mumbai | 24,500 | – 700 | 27,900 | – 700 | |
| Jalna | 24,550 | – 950 | 28,400 | – 700 | |
| Northern | Gobindgarh(MGG) | 27,000 | – 1,350 | 32,300 | – 800 |
| Southern | Hyderabad | 25,200 | – 300 | 27,700 | – 400 |
| Chennai | 25,800 | – 150 | 29,900 | – 100 | |
| Bangalore* | 25,400 | – 850 | 30,300 | – 100 |
Basic Prices as on 15 July’15, #=12 mm, *Ingot price
Excise duty, CST/VAT extra
Source: SteelMint Research
12 mm rebar prices exclusive of all taxes and ex-works
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