Indian Secondary rebar prices surged amid strengthening raw material prices and positive sentiments resulting in considerable trade volume across regions.
As per weekly analysis, secondary rebar prices have increased by around INR 1,000-2,000/MT (USD 14- 28) across overall regions and large mills also increased prices by around INR 500-700/MT for February deliveries.
However, in few specific locations market participants are skeptical about further price hike and are maintaining regular trade volumes.
Central region rebar offering reach around 3 months high and current trade reference prices registered as INR 36,300-36,500/MT Ex-Raipur, INR 37,900-38,300/MT Ex-Jalna, INR 37,700-38,000/MT Ex-Chennai.
Further, few industrialist in western & central India believe prices to remain range bound as per current scenario where average trade volumes are being reported.
Trade Updates (12 mm)
— North region based Rathi Steels current offering around at INR 39,850/MT, Ex-Delhi.
— Central region, Raipur based – SPEED TMT slightly increased their price by INR 300/MT & current offering INR 36,500/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT current offering at INR 39,400/MT FoR.
— Gujarat based, Mono Steel (India) Ltd. (Mono TMT) current offering around INR 39,300/MT FoR.
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) current offering at INR 38,100/MT.
— Mumbai based Guardian Castings Pvt. Ltd. (Guardian TMT) slightly increase their prices by INR 200/MT to INR 38,600/MT.
— South region based – Prime Gold Int’l Ltd offering at INR 41,600/MT for Banglore.
— Chennai based ARS Steel (ARS 500 D) current offering around at INR 40,000/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are day basis.
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