India’s spot rebar prices continued to fall on Thursday i.e. 20th Apr’17, in line with the fall in the billet prices. The fall in rebar prices were evaluated in the range of INR 200-700/MT (USD 3-10).
Declining demand is major reason for the fall in the Rebar prices. The sharp surge in the prices declined in the amount of bookings at the higher prices.
Even though the government is taking initiatives to boost the domestic finished steel consumption, the Indian steel prices are moving negatively for past 10 days.
On 19 Apr’17, the Steel Ministry stated in India Steel 2017 Conference that “make it mandatory to use Indian-made steel in key government-run infrastructure and construction project”.
Currently, the offers for Fe 415 rebars in India’s various regions are gauged – at INR 35,500/MT (USD 549/MT) Northern Region, Delhi; INR 32,200/MT (USD 498) Western Region, Mumbai; INR 30,800/MT (USD 477) Central Region, Raipur; INR 31,600/MT (USD 490) Eastern Region, Durgapur and INR 32,300/MT (USD 500) Southern Region, Hyderabad.
*Prices are Basic in INR/MT. ED and VAT/CST Extra
China Spot Rebar Prices
The rebound in billet prices in Wednesday afternoon to some extent boosted steel sales. But on Thursday, Steel distributors lowered prices by RMB 10-20/MT in North China, while receiving flat transaction. Prices have dropped sharply since start of April, but the buyers are expected to come back on anticipation that there might not be sharp fall in the prices in near future.
Offers as on Thursday, for Chinese Spot Market for HRB 400 grade (25 mm) was assessed at RMB 3,240/MT (USD 470), which same as last day trade for Eastern Region, Shanghai and for Beijing, Northern China the offers are evaluated at RMB 3,110/MT (USD 452) down by RMB 20/MT (USD 3), D-o-D.
*Prices are in RMB/MT, inclusive of 17%VAT
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