India: Re-bar Prices fall by Rs 200-500/MT

Market participants were of the view that it is bottom out and there are no more chances for downward trend in steel market but again Re-bar prices went down by around Rs 200-500/MT from the last trade.

In East India, Re-bar prices of Durgapur fell by Rs 200/MT because of fall in Ingot/Billet prices. Hence, 12mm is being traded at Rs 36,800/MT (Inclusive of VAT) in Durgapur.

In Western part of India, Re-bar manufacturers of Gujarat quoted prices at Rs 500/MT less than the price of 19th June, 2013, due to fall in Ingot and Scrap prices. Scrap prices in Gujarat fell by Rs 400/MT from price on 19th June, 2013, and by Rs 1,600/MT in last one week.

Sustaining this downward trend Re-bar prices went down by around Rs 200-500/MT at Maharashtra. Gajraj TMT at Latur and Sangam TMT at Wardha went down by Rs 200-500/MT respectively because of slow down in the construction activity.

“Most of the constructions are stopped by Tahsil due to water scarcity in Maharashtra. Still some urgent Government constructions are being run by buying water for the purpose”, said a TMT manufacturer based at Latur. “This is the reason why we do not have demand from local market. Outside markets are also showing a downward trend. So because of the lack of bookings, we had to reduce our prices”, he further added.