Leading long steel producer, RINL has increased offers for rebar and wire rod by INR 1,000/MT for Mar’16. Other steelmakers like SAIL and Tata Steel are likely to follow suit.
Indian primary rebar producer, RINL(Vizag Steel) has increased offers for both rebar and wire rod by INR 1,000/MT for Mar’16. Other leading players like SAIL, Tata Steel are yet to announced their revised prices for the current month.
As per market trade sources, other primary steel producers will also increase offers by INR 1,000-1,500/MT in upcoming days.
It is also heard that JSW Steel has increased wire rod offers by INR 3,000-3,500/MT and rebar by INR 2,000/MT. However, the company has refused to comment on the same.
In Feb’16, wire rod prices in Mumbai for project sales were assessed at INR 31,500/MT (ED included VAT extra), which is now at INR 35,000/MT. Similarly, rebar offers were assessed at INR 31,000/MT, which is currently at INR 33,000/MT (ED Inc, VAT Extra) for project sales.
All primary long steel producers had increased offers cumulative by upto INR 4,000/MT twice or thrice in Feb’16.
As per a large dealer based in Chennai, “RINL (Vizag Steel) increased rebar and wire rod prices by upto INR 1,000/MT w.e.f 1 Mar’16. Last month, the company increased prices by upto INR 2,000/MT and INR 3,000/MT for rebar and wire rod respectively.”
Presently, primary players are offering 12-32 mm rebar at around INR 34,000-35,000/MT (excise duty included, VAT/CST extra) in retail segment in north India.
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