India: Primary Rebar Producers reduce Offers by INR 1,000-1,500/MT

Primary Rebar producers have reduced prices by 1-2% for Jan’15 on account of poor demand.

SteelMint learnt from sources that Vizag Steel (RINL) has reduced Rebar prices by INR 1,100-1,500/MT for Jan’15. 12 mm Rebar is currently offered at INR 41,900/MT in Vishakapatnam. Meanwhile, trade sources confirmed that SAIL has also reduced prices by INR 500-1,000/MT and offering 12 mm Rebar at INR 40,500-41,500/MT in Delhi & NCR region.

Any price correction by JSW could not be confirmed from its officials. However, some traders and dealers of JSW said it is offering a discount of INR 500/MT on Rebar. One of its officials expressed his optimism of a gradual recovery for steel demand in the second half of this year.

Traders based in Mumbai stated, “Tata Steel has reduced Rebar prices slightly by INR 250/MT for 12 mm and is presently offering at INR 41,000/MT. Prices of JSPL is yet to be confirmed.”

Officials of Monnet Ispat confirmed that they rolled over the prices and currently offering the material at INR 40,000/MT.

Impact of Chinese Export Rebate

An official of primary steel manufacturers said, “The removal of tax rebate on boron added steel by Chinese government will have minimal impact on imported steel products.”

Primary Rebar (12 mm) Offers for Jan’15

Note: All prices mentioned above are excise duty included; VAT extra