Indian rebar manufacturers raised offers by INR 2,000/MT during Sep’16. However, prices fell by INR 1,000/MT during Aug’16.
Indian rebar prices has increased by about 2,000/MT during Sep’16. Major price rose in South India by about INR 2,000/MT, followed by West, East and Central India by INR 1,500-1,800/MT.
Large steel players like SAIL, Tata steel, RINL, Jindal steel has also increased rebar prices by INR 2500-3,000/MT during Sep’16.
The prime reason behind the surge in finished steel prices was because of the rise in raw material (coal, iron ore and pig iron) prices and increased buying activities by traders/ stockist.
It is anticipated that long steel prices is likely to remain firm during Oct’16 owing to increase in raw material prices. The only concern for the manufacturers is need for supportive demand which will keep long steel prices on higher side.
Indian billet and rebar prices as on 1 Oct’16
| Region | City | Billet | M-o-M | 12mm Rebar | M-o-M | Monthly Average rebar prices (Sep16) | Monthly Average rebar prices (Aug16) | % Change | Monthly Average conversion spread (Sep’16) | Monthly Average conversion spread (Aug16) | % Change |
| Central | Raipur | 22,400 | +1,800 | 24,700 | +1,600 | 23,900 | 22,500 | +6.2% | 2,500 | 2,700 | -7.4% |
| Eastern | Durgapur | 22,000 | +1,500 | 24,100 | +1,400 | 23,300 | 21,700 | +7.4% | 2,200 | 2,000 | +10.% |
| Western | Mumbai | 23,600 | +1,500 | 27,300 | +1,800 | 26,000 | 24,400 | +6.6% | 2,900 | 3,000 | -3.3% |
| South | Hyderabad | 24,000 | +2,000 | 27,000 | +2,000 | 26,000 | 24,100 | +7.9% | 2,800 | 2,900 | -3.4% |
Basic prices in INR/MT; excise duty and CST/VAT extra
Source: SteelMint Research
Note : Prices are basic.
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