Indian re-bar manufacturers managed to hold offers firm after a eight day continuous fall, though trading volumes have been extremely thin.
With monsoons arriving in India slightly late, which has affected the construction activity and made buyers to sit on sidelines.
With NCDEX withdrawing steellong contracts and induction association at Punjab decide to go on strike opposing higher power prices has lent support to ingot prices, which was offered at Rs 32,800-900/t (Basic,Ex-Mandi) up by Rs 300-400.
“There is nothing much in finish market as sales is extremely low.Rising ingot prices might give some support but it will be very conditional.” said a re-roller based in Punjab.
Another manufacturer from Raipur said , “Rise in price is temporary and demand will remain low in short term.”
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