Secondary rebar manufacturers across India have decreased their offers in Jan’16 by upto INR 4,500/MT as compared to previous month.
Secondary rebar manufacturers have been continuously decreasing their offers since the starting of Jan’16 due to dull demand from end-users.
In addition, Indian rebar market was suppressed last month amid delay in government’s initiative on the proposed minimum import price on various steel products.
Although, rebar prices across India have hit the bottom level, now it seems that market is gaining potential owing to positive sentiments prevailing in the market. Prices in major markets like Raipur and Mumbai have started to increase again.
Rebar manufacturers based in both Raipur and Mumbai have increased their offers by INR 300-500/MT in last two days. Presently, 12 mm rebar prices in Raipur and Mumbai are assessed at INR 23,000-23,400/MT and INR 25,500/MT (basic price) respectively.
As per media reports, Union Minister of Steel and Mines, Mr. Narendra Singh Tomar stated at Industrial Engineering Expo 2016 that additional steps will be taken to protect domestic steel industry.
Indian billet and rebar prices as on 1 Feb’16
|
Region |
City | Billet | M-o-M | 12 mm Rebar |
M-o-M |
| Central | Raipur | 19,950 | -3,000 | 23,100 | -4,500 |
| Eastern | Durgapur | 19,600 | -2,900 | 22,300 | -4,200 |
| Western | Mumbai | 22,000 | -2,300 | 25,500 | -2,200 |
| Jalna | 22,000 | -2,400 | 24,800 | -3,000 | |
| Northern | Gobindgarh | 22,700 | -2,400 | 27,800 | -2,200 |
| Southern | Hyderabad | 21,000 | -3,500 | 23,700 | -3,500 |
| Bangalore* | 19,900 | -3,400 | 25,200 | -4,100 |
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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