It is being heard that SAIL India has plans to reduce prices of long products by Rs 500/MT for the month of June. It had earlier increased prices by Rs 500/MT at the start of May. More details on the development could not be attained but the roll back is likely come owing to weak domestic demand.
Meanwhile, manufacturers in Tamil Nadu were able to increase rebar prices by Rs 300-500/MT. They wanted to raise offers for quite sometime as tight raw material supply and power troubles have made it difficult for them.
Markets in Eastern India didn't see much action even today as over the counter sales remained subdued. Marketing Manager of a reputed brand in Raipur said, “Demand is very poor and we are not sure when will it improve. There is a lot of labor problem and temperature has risen up way too much.”
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