Central India: Real Ispat reduces rebar offers by INR 500/t ($7)

Real Ispat & Power Ltd (GK TMT), one of the major mid-scale mills in Raipur (Chhattisgarh) has lowered rebar offer by INR 500/t. Current rebar (10-25mm) offer stands at INR 39,500/t exw. According to sources, with constant fall in sponge iron & billet prices, the finished steel makers are under pressure and have cut their offers. Sponge iron & billet prices have dropped by INR 200-400/t in Raipur on d-o-d basis, as per SteelMint’s assessment.