India: RINL cuts Rebar Prices by INR 700/MT for March

RINL has reduced Rebar & Wire Rod prices by INR 700/MT and INR 500/MT respectively for Mar’15. On the other hand, SAIL has rolled over its prices.

RINL (Vizag Steel) has reduced Rebar prices by INR 700/MT for Mar’15 because of sales pressure for the current financial year. 12 mm Rebar is currently offered at INR 40,150/MT (excise included, VAT extra). The company has also cut Wire Rod prices by INR 500/MT.

On the other hand SAIL, a state-owned steelmaker, has rolled over Rebar prices for the current month. Currently, offer for 12 mm Rebar is INR 39,000/MT (excise included, VAT extra) in NCR region.

Indian Government Unchanged Import duty on Wire Rod and Rebar

In recent union budget 2015-16, the government has unchanged import duty on Bar and Rod is 5% and flat product is 7.5% . However, Ministry of Finance has increased the tariff rate from 10% to 15%, the basic duty remains unchanged.

12 mm Rebar Offers for Mar’15

Note: Excise duty included, VAT extra
Source: SteelMint Research