Re-bar prices which have been falling continuously from last few days, shed further ground on Friday, when manufacturers reduce offers by Rs 400-500 per tonne.
“Buyers do not want to buy in falling market, but we personally feel prices have over corrected and should stabilize in coming weeks.On high power prices and limited supply of raw material should have supported the fall.
Currently 12mm re-bar is being offered at Rs 33,500-600/t (Ex-Works, Raipur).” said a big steel trader based in Raipur.
We feel this is the right time to take position in the market, he further added.
Re-bar prices in other parts of country remained more or less stable with thin trading activity.
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