Some large Indian re-bar manufacturers cut prices by around INR 500-700/MT amid slow off take and weak demand in domestic market. SteelMint learned from market participants that offers from large manufacturers for 12-32mm rebar are hovering in the range of INR 33,500-34,500/MT (Ex-Mumbai), prices excluding 18% GST.
“Heavy rainfalls and liquidity issues have forced some state owned steel mills to cut their offers in domestic market by upto INR 700/MT. Although, private manufacturers like JSW and JSPL are well covered with export orders. They have not revised their offers. Current prices for 12-32mm re-bar are at INR 33,500-34,500/MT.” said a large trader and stockiest based in Mumbai.
Decent Export Orders
Sources from JSW steel mentioned that, they are booked with export orders and do not have pressure to sell in domestic market at a lower price. Although, demand in domestic market remains subdued owing to liquidity issue and heavy rainfalls which has slowed down the construction activity.
According to market sources, JSW alone has exported over 1.5 lac tonnes of re-bar in last 3 months.
Current export levels for re-bar are assessed at around USD 550-560/MT, wire rod at around USD 570-580/MT and billets at USD 520-525/MT on FOB India basis.
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