Domestic finish long steel market has become quite perplexed as the prices have been declining since couple of weeks. The prices observes correction; for the rebar by INR 200-700/MT and in wire around INR 400/MT.
Due to weak demand as well as persistent bearish sentiments along with fall in Ingot/billet prices saw correction in the rebar and wire prices.
Market participants in Durgapur (being one of the key suppliers of Rebar & Wire rod to Uttar Pradesh), stated that there has been some halt in mining activities for the material used in construction which has rigorously declined the sales as UP being the major consumer of Finish Long products.
It is also heard that previously manufacturers did not keep any stock as there was a good demand; but as the demand declined gradually the inventories with them are rising progressively.
Domestic Rebar and Wire Rod Prices as on 29 Mar’17 (Week 18)
|
Region |
City |
Rebar (12 mm) |
W-o-W |
Wire Rod (5.5mm) |
W-o-W |
||
|
21th Apr |
29th Apr |
21th Apr |
29th Apr |
||||
| Central | Raipur |
30,400 |
30,100 |
-300 |
31,200 |
30,900 |
-300 |
| East | Durgapur |
31,100 |
30,400 |
-700 |
31,700 |
31,300 |
-400 |
| North | Gobindhgarh |
34,700 |
34,700 |
0 |
– |
– |
– |
| South | Hyderabad |
32,000 |
31,800 |
-200 |
– |
– |
|
| West | Mumbai |
32,000 |
31800 |
-200 |
– |
– |
|
Basic prices in INR/MT, excise duty & other taxes extra
Source: SteelMint Research
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