Festive Season and Upcoming Elections make trading activities Low

Indian Steel industry is going through a dull phase owing to festive season and upcoming elections.  Financial crisis have also shrouded the whole steel market.

Indian Steel demand is subdued over past few months because of festive season and upcoming elections and is not expected to improve either. Market participants expect Steel prices to fall by INR 400-500/MT as Diwali approaches. Government projects might stay cold owing to upcoming elections.

Re-bar prices corrected marginally in major cities of India

Re-bar prices dropped by INR 200-700/MT in Maharashtra. Sangam550 Re-bar at Wardha dropped by INR 700/MT and Guardian Re-bar at Mumbai dropped by INR 200/MT from last trade. 12 mm Re-bar offers are at INR 32,400-33,800/MT for both brands respectively.

Anant TMT, Anant Steel Pvt. Ltd. with a Re-bar production capacity of approx 14,000MT per month in Indore has reduced its prices by INR 300/MT and is offering 12 mm Re-bar at INR 35,000/MT.

Whereas Southern region of India is remain unchanged from few days. 12 mm Re-bar is being traded at INR 33,800/MT at Chennai.

All prices are basic.