Prices were fallen by up to INR 400/MT in the secondary market except Mumbai during week 30.
Rebar sales in secondary market remained inactive last week on the grounds of low demand coupled with sharp price cut by primary producers during Jul’16.
Despite continuous decrease in rebar offers, manufactures are facing tough time to sell their material.
In week 30, prices fall within the range of INR 200-400/MT across India in the secondary market. While no, major price correction seen in Mumbai.
Market participants believe that prices are now hovering at lower level and the same level was seen before the MIP was imposed in early Feb’16.
It is likely that chances for further correction in the prices is limited as manufacturers are not ready to sell their material below these level otherwise their margin will suffer more.
Indian billet and rebar prices as on 25 Jul’16
|
Region |
City | Billet | W-o-W | 12 mm Rebar |
W-o-W |
| Central | Raipur | 19,600 | 0 | 22,300 | -150 |
| Eastern | Durgapur | 19,500 | -300 | 21,400 | -400 |
| Western | Mumbai | 21,250 | -450 | 24,400 | +50 |
| Ahmedabad | 21,800 | -300 | 23,500 | -400 | |
| Northern | Gobindgarh | 22,600 | -500 | 27,000 | -200 |
| Southern | Hyderabad | 21,200 | -300 | 24,200 | -300 |
| Bangalore* | 21,100 | -300 | 26,300 | -100 |
Basic prices in INR/MT; excise duty and CST/VAT extra
* Ingot price
Source: SteelMint Research
Note: Price are basic, excise duty & other taxes extra
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