Post MIP announcement secondary price surged by upto INR 3,000/MT which is corrected today by upto INR 1,000/MT
Indian secondary rebar manufacturers are facing selling pressure owing to unsupportive demand; in turn are bounded to decrease their offers.
SteelMint already reported MIP impact on India Long steel segment should be negligible. As India import bar and rod as per MIP items (HS Code) approx 1 million tones (April’15 to Jan’16) whereas production is 40 Million tones (approx). Majorly India construction steel demands drive by primary producer pricing. Primary producer JSW, SAIL, Tata and JSPL has increases their long steel price by only INR 1,500/MT whereas secondary manufacturer (considered today downfall) had already surged by INR 2,500/MT.
Secondary Rebar Prices (12 MM) as on 12 Feb’16
| Particular/Delivery | Prices | D-o-D | W-o-W | M-o-M |
| Ex-Delhi/NCR | 28,600 | – 800 | + 2,300 | + 1,400 |
| Ex-Ghaziabad | 28,500 | – 700 | + 2,400 | + 1,500 |
| Ex-Mandi Gobindgarh | 29,800 | – 200 | + 1 900 | + 1,200 |
| Ex-Muzaffarnagar | 28,000 | – 800 | + 2,300 | + 1,400 |
| Ex-Durgapur | 25,600 | – 500 | + 2,000 | + 400 |
| Ex-Rourkela | 25,000 | – 300 | + 1,700 | + 200 |
| Ex-Indore | 27,000 | – 400 | 300 | – 600 |
| Ex-Raigarh | 26,000 | – 500 | + 1,400 | + 300 |
| Ex-Raipur* | 26,000 | – 500 | + 1,400 | + 300 |
| Ex-Ahmedabad | 26,900 | – 1,000 | + 1,300 | + 100 |
| Ex-Goa | 26,900 | 0 | +500 | – 700 |
| Ex-Jaipur | 27,500 | -200 | + 1,700 | + 600 |
| Ex-Jalna | 27,800 | 0 | + 1,800 | + 1700 |
| Ex-Mumbai | 27,800 | – 200 | + 1,400 | + 850 |
| Ex-Bangalore | 27,600 | 0 | + 900 | + 500 |
| Ex-Chennai | 25,700 | 0 | + 900 | 0 |
| Ex-Hyderabad | 26,700 | – 300 | + 1,500 | + 1200 |
Basic prices in INR/MT
Source: SteelMint Research
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