Amidst a stable to negative finish market scenario in India, Hyderabad market witnessed a sudden spur in rebar prices by Rs 500-1000/MT depending upon the position of a brand. Market sources revealed that power cut may be longer than a couple of days and manufacturers may have some amount of stock to supply during this time.
Kothur Industrial area in Hyderabad has been most affected by such power cut which has lead the offer of Ingot up by Rs 1000/t. Ingot in the local market is being quoted at Rs 34,000/t and Sponge is trading at Rs 21500-22000/t.
On the other hand, Rebar offers in West of India witnessed a decline in prices by Rs 200-300/MT on poor off-take. Marketing head of a renound TMT brand remarked that “market is weak and prices may come down further.”
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