India: Re-bar Market went down by Rs 200-700/MT (W-o-W)

In most of the cities in India Re-bar prices have come down by around Rs 200-700/MT in last one week.

At Durgapur 12mm TMT is traded at Rs 36,500-600/MT less by Rs 700/MT in last one week. In the same period TMT of Raipur has only come down by Rs 200/MT due to production cut in city and some demand from other states on account of low VAT(3%). 12mm TMT is traded Rs 36,800/MT. Prices Inclusive of VAT.

In South India, finished steel market went down by Rs 500-700/MT in a week. 12mm is traded at Rs 36,500-36,800/MT in Hyderabad and at Rs 39,500-40,000/MT in Chennai. Prices Exclude VAT.

Reasons of downward trend noticed are below:

1. Limited booking from local market and other states for Re-bar.

2. Negative sentiment and falling raw material prices.

3. Construction activities are banned due to water scarcity in Maharashtra and constructions are stopped due to monsoon.

4. Fewer enquiries from stockiest ends.