India: Re-bar Prices increases in Southern Region

Re-bar prices increased by INR 400-500/MT in Southern region in last two days.

Andhra Pradesh
In Hyderabad Semi Finish and Finish long product prices inched up as some furnaces and rolling mills have shut down in city.  Shortage of the material in market, resulted in its price increase by INR 400-500/MT. 20 mm TMT is offered at INR 31,500/MT.

Karnataka
Ingot and TMT prices have moved up by INR 500/MT in Bangalore yesterday. This hike was made on account of good demand from Hyderabad and local market.  12 mm TMT and MS Ingot are offered at INR 34,800/MT and INR 29,700/MT respectively.

Tamil Nadu
Semi Finish and Finish Long prices are continuously unchanged from a long time in Chennai. MS Ingot and 12 mm TMT offers are at INR 28,900/MT and INR 33,400/MT respectively.

According to market participants – “It will not be beneficial for us if we reduce the steel prices according to the other steel market. When we reduce the product prices, buyers wait for some more corrections. So we have decided not to make any changes according to the other markets”.

Above mentioned all Prices are Basic.