Indian Finish Long Steel – Rebar market has absorbed dull inquiries and assessed price fall of around INR 200-500/MT (USD 3-8) day-on-day amid falling billet prices over depressed demand.
SteelMint learnt that, trade volumes have been filtered narrowly as the price range is on high levels and has made hassle situation among participants.
The re-rollers in Central & East India also stated, currently trade volume is minimize and inquiries as per immediate requirement.
According to SteelMint price assessment, today the offers by medium mills for 500 Fe grade rebars (size 12 mm) are reported – at INR 39,000-39,200/MT (-200) ex-Raipur, INR 40,400-40,600/MT (-300) ex-Durgapur, INR 40,600-40,700/MT(0) ex-Mumbai, INR 39,500-39,700/MT(-500) ex-Hyderabad, INR 39,900-40,000/MT (-100) ex- Ahmedabad, INR 40,800-41,000/MT (-200) ex-Jalna & INR 41,300-41,500/MT (-100) in Delhi. The changes mentioned above are day-on-day basis.
Trade Updates
1. Rathi Steels, known as price trend setter for Northern India has unchanged their price today but reduced by INR 1,000/MT (USD 15) from last 3-4 days due to poor inquiries and currently offered 12 mm at INR 42,500/MT, ex-Delhi. The company largely sells finished steel to North-east regions. Further as per Co. associates demand is slow & might get minor change.
2. Real Ispat & Power offers Rebar (GK TMT) has unchanged their prices d-o-d basis & current offering rebar (12-25 mm) at INR 41,400/MT ex-plant, Raipur. According to the officials demand is limited at these offer prices but anticipates market will get active soon.
3. Jalna based rebar manufacturer – Rajuri Steel Pvt Ltd (Rajuri TMT) offering basic rebar at INR 39,000/MT, ex-work & excluding GST. As per official view demand doesn’t exist in comparison to last week.
4. Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT offering basic rebar at INR 38,800/MT ex-work & excluding GST.
5. Gujarat Based, Keyur Ispat Ltd has reduced prices INR 200/MT d-o-d basis & offering basic rebar at INR 47,800/MT FoR & including GST at 18%, Size – 20 mm. The company also offers Billet at INR 36,200/MT, excluding GST.
6. Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 41,000/MT (12 mm) and having monthly Rebar production around 10,000 MT & Billet offers evaluated at INR 36,500 MT on immediate payment. Both prices excluding GST.
7. Jalna based manufacturers are offering Rebars in the range of INR 38,500-39,000/MT but giving discount of INR 200-300/MT amid dull inquiries, the trade participants reported.
8. Wire rod prices reduced in Raipur by INR 300/MT & also trade discount increased to INR 1,200-1,400/MT d-o-d basis amid slump in billet prices and dull trades.
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