Indian Finish Long Steel – Rebar trade volume has improved considerably through the positive momentum amid better inquiries. Price hike by large scale producers for May deliveries has given optimistic direction among trade participants.
However, today trade participants in Central, West & North India reported average inquiries, although they anticipates prices to remain surge due to strong trends and supported demand.
The mill owner’s also stated healthy transactions in the previous week & are holding limited inventories which indicates prices to get spurred once inquiries improved.
According to SteelMint price assessment, today the offers by medium mills for 415/500 Fe grade rebars (size 12 mm) are reported – at INR 39,800-40,000/MT (+100) ex-Raipur, INR 41,500-41,700/MT (+200) ex-Durgapur, INR 40,900-41,000/MT(+300) ex-Mumbai, INR 40,750-41,000/MT(+250) ex-Hyderabad, INR 40,700-40,800/MT (+200) ex- Ahmedabad, INR 40,700-40,900/MT (+600) ex-Jalna & INR 42,200-42,400/MT (+500) in Delhi. The changes mentioned above are day-on-day basis.
Trade Updates
1. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered Rebar 12mm at around INR 42,500/MT & Billet – INR 37,000/MT, ex-plant & excluding GST. As per official view market demand is limited & price hike by large producers doesn’t bring any major changes in Southern region due to average demand.
2. Jalna based rebar manufacturer – Rajuri Steel Pvt Ltd increased prices by INR 600/MT and offering basic rebar at INR 38,400/MT, ex-work & excluding GST. As per official view existing price range should sustain for near term amid improved demand.
3. South India based – VRKP Steel (VRKP tmt) offering rebars 8 mm at INR 50,800/MT ex-work & including GST. As per official view supply movement is slightly slow and trade volumes has average conclusion.
4. Gujarat based Akshar Ispat Ltd branding as Akshat TMT has increased their offers by around INR 200/MT today & current offering rebars at around INR 48,700/MT FoR & including GST at 18%, Size – 20 mm. As per official view rebar having limited demand and price range increased amid raw material extant prices.
5. Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT increased INR 700/MT on day basis and offering basic rebar at INR 38,500/MT, ex-work & excluding GST.
6. Tulsyan NEC Steel (Tulsyan) based in Chennai has kept the same prices from last 2-3 days & offered Rebar 12mm at INR 42,000/MT & Billet at INR 37,000/MT, ex-plant & excluding GST.
7. East Region Based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 42,200/MT & Rebars basic (16mm) at INR 41,000/MT, ex-work, excluding GST.
8. Rathi Steels, known as price trend setter for Northern India has raised prices by INR 500/MT and offered 12 mm at INR 43,400/MT, ex-Delhi. The company largely sells finished steel to North-east regions.
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