Re-bar
prices in domestic market corrected by Rs 200-500/MT including major places
like Raipur, Rourkela, Durgapur, Mumbai and Jalna. Secondary steel
manufacturers tried to cover the additional hike in Re bar prices for end
consumers.
TMT
Re-bar manufacturers based in such places, absorb the excise duty hike in basic
prices. Basic prices of the material went down by Rs 200-500/MT. Market
participants expect further correction in the prices as suppliers likely to
sell more materials and attract the buyers.
Meanwhile,
Retail prices for Re-bar in MP, is currently at Rs.50/kg. After hike in excise
duty, prices likely to touch Rs 51/kg. But revised prices are not likely to
sustain in the market under weak demand for the product.
According
to a trader based in Raipur, “Re-bar Prices were already high in the
market. Hike in excise duty i.e. reached at 12% from 10% earlier, will put an extra
burden on the end consumers. Buyers are unwilling to purchase at such high
prices.”
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