India’s largest privately owned steel giant, JSW Steel increases their long steel prices for August’17 deliveries by INR 1,000/MT (USD 15). The company is the 2nd largest steel producer in India with annual production capacity of 18 MnT.
This rise in the offers is supported by rising coking coal offers and high export orders for semis by these steel giants. However, the demand in the long steel remained subdued owing to the seasonal slowdown.
Also, the builders kept away from bulk bookings before they get registered under the RERA Act, affecting the rebar demand in the country.
As per SteelMint’s analysis the offers are gauged around INR 33,000-34,000/MT in West (Mumbai) and South Region (Chennai & Hyderabad) and INR 33,500-34,000/MT in North Region. The Prices are ex-works, excluding GST at 18% & for 12-25 mm rebars.
With rise in JSW offers other steel giants like SAIL, RINL (VIZAG Steel) and TATA steel might also increase their rebar offers in coming times.
Leave a Reply