Re-bar manufacturers based in Central India are unwilling to reduce their offers despite heavy shedding of Ingot prices in physical and futures market on Monday evening.
Market sources report SteelMint that there is good demand from Southern India, which is facing severe power crisis and production is as low as 30-40% .
“We have plenty of orders from Bangalore and Chennai, where re-bar prices are pretty good. We are unlikely to revise our offers.” said a Re-bar manufacturer based in Raipur.12mm is trading around Rs 38,800/t (Ex-works).
Demand in North Indian mandis' like Ghaziabad is decent owing to fine demand from government projects (March-end effect) and low supply.
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