Long product manufacturers have continued to hold offers amid expected imposition of safeguard duty on steel products in the current month.
Secondary rebar manufacturers across India have been resisting to make any price corrections since last two weeks owing to better demand from end-users. Offers have increased by INR 500-600/MT W-o-W in major markets.
Demand is majorly coming from west India. In addition, Chhattisgarh is a major rebar supplier to the border of Maharashtra and MP owing to better viability.
Few large deals by Raipur based small and medium sized manufacturers had concluded at INR 22,500-22,600/MT for 12 mm (excise duty and other taxes extra). Presently, they are offering the same material at INR 22,800-23,100/MT.
In-line, a large rebar manufacturer based in Wardha sold 12 mm rebar in bulk quantities to Maharashtra and MP at INR 23,500-24,000/MT (excise duty and other taxes extra) a few days back.
Secondary steel manufacturers especially long products are also eagerly waiting for government decision on the imposition of safeguard duty on semis and other steel products in current month. This in turn is creating positive sentiments in the market.
Indian billet and rebar prices as on 7 Dec’15
|
Region |
City | Billet | W-o-W | 12 mm Rebar |
W-o-W |
| Central | Raipur | 19,800 | +800 | 23,000 | +500 |
| Eastern | Durgapur | 19,800 | +800 | 21,100 | -400 |
| Western | Mumbai | 21,900 | +400 | 25,000 | +400 |
| Jalna | 21,600 | 0 | 24,900 | +400 | |
| Northern | Gobindgarh | 23,200 | +1,000 | 24,000 | +400 |
| Southern | Hyderabad | 21,500 | -300 | 24,200 | -200 |
| Bangalore | 20,900 | +400 | 25,100 | +600 |
Basic prices in INR/MT; excise duty and CST/VAT extra
Source: SteelMint Research
Note: Above are basic price, excise duty & other taxes extra
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