Indian re-bar prices have moved up for 5th consecutive day on higher ingot and sponge prices across country.
Prices are primarily supported on low availability of scrap in U.P. market and power cuts in Southern India.Steel prices have gained over Rs 1,500-2,000/t in last few days.
But market experts feel that finish prices will not sustain these levels after election gets over in UP.
“Despite rise in Re-bar prices, off take is poor as buyers are not willing to stock at these levels.Chances are high that prices might fall up-to Rs1,000-1,500/t after February.” said a TMT manufacturer in Indore.
Where as a re-bar trader based in Raipur reported SteelMint that poor liquidity and high prices will not support prices in near term.
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