The onset of monsoon has dented the trading volumes in Indian Re-bar
market. According to market players, “Most of the traders prefer to keep
booking closed rather than selling at loss. Manufacturers are also cutting
their production level in order to check oversupply in the market.”
12 mm in Raipur traded at Rs
36,300/MT(Basic price) i.e. same as the previous close. According to
manufacturers based in Raipur, “Even though Ingot prices have fell by Rs
500-600/MT since the beginning of June, it is not profitable for
us as we are also lowering down our production level looking at the weak demand in market. We
procured Ingot on last Fri-Sat. Lower production level has cut our buying of
Ingot.”
Traders on the other hand prefer to stock for few days rather than
selling at loss. Bookings at present are almost negligible i.e. 50-60 MT/day as
against the average booking of 200-250MT/ day on a normal trading day. Few brands
also preferred to keep their bookings closed in Raipur.
12 mm in Bangalore traded
down by Rs 500/MT on account of fall in demand from Government projects.
According to market players, “some buying is being seen though not in larger quantities
but demand from Govt. projects has slowed down”.
Leave a Reply