Secondary rebar manufacturers hold their prices today after witnessing continuous rise in prices during last 7 days starting from 17 Dec’15. While, south Indian market has corrected by INR 300-600/MT from previous day closing.
Secondary rebar manufacturers are trying to hold offers till the government’s order comes on the proposed minimum import price(MIP) on various steel products.
However, trade activities in rebar today seem to be less in major Indian market as traders and stockist looked like less interested to take position at high prices as market volatility continues.
Today, rebar offers more or less remain unchanged in major Indian market, except south India where prices fell by INR 300-500/MT from the previous day.
A rebar manufacturer based in Raipur stated, “Few deals had concluded at INR 25,700/MT (basic price, excise duty and other taxes extra) for 12 mm rebar within the state. But, if MIP will not be implemented shortly, prices may reduce by INR 500-700/MT this week”.
Indian billet and rebar prices as on 23 Dec’15
| Region | City | Billet | D-o-D | 12 mm Rebar | D-o-D |
| Central | Raipur | 21,750 | -150 | 25,700 | -50 |
| Eastern | Durgapur | 21,000 | -200 | 24,600 | -200 |
| Western | Mumbai | 23,500 | -100 | 26,550 | 0 |
| Ahmedabad | 24,900 | 0 | 27,200 | 0 | |
| Northern | Gobindgarh | 24,600 | 0 | 28,800 | +100 |
| Southern | Hyderabad | 23,500 | -500 | 26,000 | -600 |
| Bangalore* | 22,850 | 0 | 28,400 | -300 |
Basic prices in INR/MT; excise duty and CST/VAT extra,
* Ingot price
Source: SteelMint Research
Note: Prices are basic, excise duty & other taxes extra
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