Encouraging trades in decent volumes resulted in prices to move up by INR 200-500/MT on D-o-D basis in particular regions.
As per market participants, they have bookings in hand for next 7-10 days. Amid average inventory levels, selling pressure is likely to remain on lower side for near term .
Prices in South region based Chennai market remained range bound as heavy rainfall hampered supplies and current trade reference registered at INR 40,000-40,300/MT.
Further, finish long steel prices surged in line with strengthening raw material due to limited domestic supply over ample export booking from central region.
Trade Updates
— Central region, Raipur based brand – SPEED TMT has increased their price by INR 200/MT on day basis and current offering at INR 35,500/MT (28 mm), ex-work & excluding GST.
— North region based Rathi Steels have lifted their prices by INR 500/MT on day basis and current offering at INR 41,200/MT, size – 12 mm & excluding 18% GST.
— Jalna based rebar manufacturer Rajuri Steel Pvt Ltd has increased their price range by around INR 100/MT & current offering rebar 28 mm at around INR 36,400/MT, ex-work & excluding GST. As per official view average inventory level is maintained and supply movement exists with optimistic sentiments.
— Gujarat based Shreeyam Power & Steel Industries Ltd increased their prices by INR 600/MT on day basis and offering TMT at INR 47,400/MT FoR & including GST at 18%, Size – 20 mm.
— Central region (Raipur) based Kamdhenu TMT increased their prices by around INR 700/MT and currently offer rebar (28 mm) at INR 37,800/MT, ex-work & excluding GST.
— North Region based U.P – Gallant Ispat Ltd increased their prices by around INR 500/MT on day basis and current offered Rebar at INR 39,400/MT, Size- 12-25 mm, excluding GST.
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