Re-bar prices across India corrected further by Rs
200-500/MT on slowing off-take of the commodity. However, according to market
players, this is not something unusual as it is just the result of the seasonal
slowdown.
12 mm in Mumbai traded
at Rs 38,200/MT i.e. down by Rs 300/MT. According to market players, “Prices
are correcting because of the seasonal slowdown. Production level in the first
two weeks of June has slipped by 30% as demand is low and availability of
imported scrap is very low due to lesser bookings in May owing to Dollar
sensitivity”.
Traders in Indore said, “Offer for Re-bar has been kept at the same level as bookings are very low. Prices
might correct further but any sharp fall may not be seen owing to short-supply of raw material”.
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