Indian rebar manufacturers based in secondary market has decreased offers by INR 400-1,700/MT in a week’s time following sharp surge in offers.
On W-o-W basis, prices fall is mainly seen in all major Indian secondary rebar market like Raipur (-1,500), Mumbai (-1,500), Hyderabad (-1,500), and Bangalore (-1,700).
It has been observed that rebar manufacturers have raised offers immediately after demonetization. But, buyers prefer to keep away from the market due to ongoing tight liquidity conditions in the market.
As per the market participants, few deals in Raipur concluded at INR 24,000-24,300/MT (basic price) for 12-25mm for South and West India for Hyderabad, Bangalore & Mumbai.
Road freight from Raipur to Hyderabad & Mumbai is around INR 1,500-1,800/MT, for Bangalore is around INR 3,000/MT.
It is also heard that almost all rebar manufacturers based in Jalna has closed their mills for temporary after demonetization. But few started production and today offers at INR 25,000-25,500/MT (basic price) for 28mm.
Indian billet and rebar prices as on 22 Nov’16
| Region | City | Billet | W-o-W | 12 mm Rebar | W-o-W |
| Central | Raipur | 20,900 | -800 | 24,300 | -1,500 |
| Western | Mumbai | 23,000 | -1,000 | 26,600 | -1,200 |
| Ahmedabad | 23,000 | -200 | 24,300 | -400 | |
| Northern | Gobindgarh | 24,300 | -100 | 28,700 | -700 |
| Southern | Hyderabad | 25,000 | -2,000 | 27,000 | -1,500 |
| Bangalore* | 24,000 | -,200 | 29,200 | -1,700 |
Basic prices in INR/MT, excise duty & other taxes extra
Source: SteelMint Research
Note: Prices are basic
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