RINL (Vizag Steel) has reduced rebar and wire rod offers by INR 1,500/MT and INR 1,000/MT respectively for Aug’16.
RINL (Vizag steel), the sole producer of long steel product in south India, has reduced rebar and wire rod offers by INR 1,500/MT and INR 1,000/MT respectively for the month of Aug’16, as per trade sources.
While in Jul’16, the company had reduced rebar offers by INR 2,500/MT.
The major reason behind the sharp fall in prices is the fact that the company was offering material at high rates from last couple of months as compared to other large steel competitor based in south India.
One of the Vizag Steel’s rebar distributors based in Chennai commented that prices have reduced in Aug‘16 by upto INR 1,500/MT. Current offers for 12 mm are assessed at around INR 29,000-29,300/MT (including Excise duty, VAT extra) ex-Chennai.
He also added that the other rolling mills in Chennai are offering the same size material in the range of INR 28,000-28,500/MT.
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