Indian Finish long Steel – Rebar observed restricted response amid limited supply movement due to seasonal effect. Participants also mentioned, narrow trade volume amid volatility.
As per assessment, today the price range of Rebars by medium mills declined by INR 200-500/MT (USD 3-7.5) with falling billet prices upto INR 500/MT in major market of India.
Further, the trade sources reported, piling up inventories with the producers amid lack of future bookings and market surroundings has limited traders to acquire procured materials at their premises yet.
Trade Updates
1. Rathi Steels, known as price trend setter for Northern region has decreased prices by around INR 250/MT on day basis & offered 12mm rebar at INR 39,400/MT ex-Delhi. As per Co. associates average supply movement exist & doesn’t expect any major changes for near term.
2. Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has unchanged rebar prices d-o-d basis & offering 20mm at INR 43,400/MT FoR & including GST & Billet at INR 33,500/MT, ex-Work & excluding GST.
3. Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged their prices on day basis & offering 28mm rebar at INR 34,500/MT (28 mm), ex-work & excluding GST.
4. Central region, Raipur based brand as SPEED TMT known as price settler for other brands unchanged their prices on day basis & offering 28mm rebar at INR 33,800/MT (size – 28 mm), ex-work & excluding GST. As per market sources inventory is piling up due to filtered and narrow trade volumes and prices may get exist with minor amendment for near term.
5. East region based – Baba Smelter Pvt. Ltd has slightly reduce the price range by INR 250/MT and current offering Structure 125,150 Channel at INR 38,500/MT, ex-work & excluding GST. As per official view demand is slowdown & correction will line up accordingly.
6. Tulsyan NEC Steel (Tulsyan) based in Chennai has kept the same prices from last 2-3 days & offered 12mm rebar at INR 40,000/MT, ex-plant & excluding GST.
7. Gujarat based, Keyur Ispat Ltd has unchanged their price d-o-d basis & offering basic 20mm rebar at INR 43,300/MT FoR & including GST.
8. Central region (Raigarh) based Scan Group branding Shrishti TMT has reduce their prices by around INR 500/MT & offering 28mm rebar at INR 33,700/MT, ex-work & excluding GST.
9. The suppliers in Raipur have unchanged their trade discount on Wire rod & current discount range reported at INR 1,200-1,400/MT.
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