India’s secondary finish long steel market has observed slow down in demand over limited buying inquiries from traders as well as end-user segment . Also poor lifting of material especially was reported in western and southern region, particularly in rebar and structural steel.
Thus, considering the factors, rebar prices through medium/small scale mills have contracted up to INR 1,000/MT (USD 14), specifically in market of western India like Mumbai, Ahmedabad, whereas in other regions, the same declined by INR 200-600/MT on weekly comparison basis.
The demand of rebar varies from market to market and so as the participant’s views over market direction differs. Many of them are assuming that there is less chance to get any major contraction in prices in the near term as prices have already fallen sharply beyond expectations.
North/Central India based mills reported limited future bookings in hand as the season is at peak for construction activity. Despite this, the moderate demand has made the trade associates cautious over further direction of the market.
Few trade sources from southern region reported that the market is down with dull sentiments and lack of appropriate demand. Retail counters are having sufficient stocks at their premises which ultimately resulted to low level offerings from industrialists at adequate discount level.
–As per assessment, the latest rebar offers by mid sized mills is hovering at INR 33,100-33,300/MT ex-Raipur, INR 33,600-34,000/MT ex-Durgapur, INR 35,800-36,000/MT ex-Jalna & INR 35,300-35,700/MT ex-Chennai, Fe500, excluding 18% GST & size 12mm.
Trade Updates (Rebar 12 mm)
— Rathi Steels based in North region is offering around INR 36,700/MT.
— Muzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 34,400/MT
— Raipur based Kamdhenu TMT is current offering at INR 35,500/MT.
— Raipur based Pankaj Group (Sagar TMT) is current offering at INR 34000/MT.
— Raigarh based Scan Group branding (Shrishti TMT) is current offering at INR 33,700/MT.
— Jalna based Kalika Steels Alloys Pvt. Ltd.(Kalika TMT) is current offering at INR 35,900/MT.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offer at INR 36,500/MT FoR.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 37,200/MT FoR.
— South region Chennai based Ponneri Steel Ind. (Triple Power) is current offering at INR 36,000/MT.
Note- All prices are basic & excluding GST, subject to re-confirmation.
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