Finish long market get boosts after a long period, prices up by 3%

Improvement in demand, increase finish steel price in major cities of India, giving hopes of further recovery to loss making manufacturer's of steel.

Re-bar prices increase up to Rs 700-1,500/MT in last 2-3 days due to a wave of material shortage and upward sentiment across India. Week highlights are: –

o At Raipur (C.G) Re-bar prices moved up sharply by Rs 1,000-1,200/MT as offer stand at Rs 30,500/MT.

In Mumbai (Maharashtra) prices gone up by Rs 400-500/MT, 12MM TMT is traded at Rs 33,000/MT.

o Semi finish prices have also gone up by Rs 300-1,000/MT W-o-W basis due to limited production and raw material shortage (Sponge and Scrap) across Mandi's. 

o Shortage of Scrap and Pellet is pulling sponge, Ingot and Billet prices. Manufacturer continues to remain production under control esp. in Mumbai, Jalna, Raipur and Mandi.

Market participants are of the view that if price continue to increase market will recover further by Rs 300-700/MT and as low production has vanished the inventory in retail end.