Secondary rebar manufacturers are trying to keep offers firm; last week change prices by INR 100-500/MT across major markets.
Indian secondary rebar manufacturers are trying to push up their offers but unsupportive demand is keeping buyers away from the market.
Rebar manufacturers based in Hyderabad have increased offers by INR 500/MT last week to INR 25,800/MT. But, weak buying from the major consumption states like Karnataka has pulled back prices to the previous level.
In other west Indian market like Mumbai and Jalna, trade activities remained standstill due to ongoing severe water crisis, which is hampering construction activities across Maharashtra, especially Marathwada region.
A large rebar manufacturer based in Wada said, “Low off-take of rebar still persist across Mumbai market and expecting to remain same till the end of this month”.
He also added that they prefer to buy semi finished material like ingot/ billet from the neighbouring states like Silvasa, Vapi and Gujarat owing to better viability.
Indian billet and rebar prices as on 24 May’16
| Region | City | Billet | W-o-W | 12 mm Rebar | W-o-W |
| Central | Raipur | 21,050 | 0 | 24,000 | -350 |
| Eastern | Durgapur | 21,200 | +50 | 24,300 | -300 |
| Western | Mumbai | 23,100 | +200 | 26,550 | +150 |
| Ahmedabad | 22,200 | -100 | 25,000 | +200 | |
| Northern | Gobindgarh | 24,700 | -200 | 29,000 | -100 |
| Southern | Hyderabad | 22,500 | +250 | 25,300 | +500 |
| Bangalore* | 22,300 | +200 | 27,300 | -300 |
Basic prices in INR/MT; excise duty and CST/VAT extra
* Ingot price
Source: SteelMint Research
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