Improved demand from traders and stockists and low production across India helped re-bar prices maintain upward trend said market sources.
Manufacturers continue to raise offers by Rs 200-300/t on anticipation that Indian steel prices have bottomed out and will continue to trade high over low inventory levels. Sources also highlight that rising scrap and iron ore prices in international market have some significance on rising Indian steel prices.
Current offers from Raipur prevail at Rs 32,500-33,000/t (12mm , Ex-Works Raipur),Re-bar at Mumbai is being offered at Rs 35,000/t (12mm, Ex-Works Basic).
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