Steel prices in Indian
domestic market corrected marginally by
Rs 200-300/MT, primarily on slow off take from consumers, creating a liquidity
crisis in the market. Traders and retailers do not want to pile large stocks as
there is no hope of improvement in steel prices due to rainy season.
Although the monsoon
season in some parts of India has resulted in a seasonal drop in demand and production,
conditions are rougher than normal, with production cuts more severe and demand
from many smaller producers are also low, sources said.
“With monsoon in full
swing and very less demand for finished products, the long-steel product industry
is going through a harsh phase, with high input costs and less margin for
conversion and dull sales.
At Durgapur 12mm TMT is
traded at Rs 30,100/MT, which decreased
by Rs 200/MT.
Whereas, Central market
corrected by Rs 100-300/MT. TMT manufacturers from Raipur are quoting 20mm TMT
at around Rs 29,600-29,800/MT but trading is done at Rs 29,300-29,500/MT for
the same.
Same with Chennai 12mm
TMT is quoted at Rs 34,700/MT and traded at Rs 34,500/M, due to slower market.
In the Northern part of
India, Re-bar prices moved to south by
Rs 300/MT. Whereas, 12mm Re-bar is being
traded at Rs 35,100/MT in Mandi Gobindgarh and at Rs 32,400/MT in
Muzaffarnagar.
Prices are Basic.
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