Indian Re-bar manufacturers look prices to have bottomed

Rapid fall in steel prices across India in last few days was not anticipated by Indian re-rollers, despite low production and high input costs.

Now manufacturers hope that prices have bottomed out and any further correction in prices will cause many units to shut down.

“We didn't expect prices to fall so much on high power and other raw material costs.We see demand at lower prices.With limited production we do not see further correction.12mm is quoted at Rs 34,600-800/t (Ex-works, Raipur)” reported a large TMT manufacturer based in Raipur, Chattisgarh.

On other hand re-bar prices in Southern India have moved up on power crisis and unavailability of raw material.This has led to rise in semi finished demand from Mumbai and Goa, reported sources.