Vizag Steel (RINL), one of the largest long steel producer in India has revised the prices of Rebar, Wire rod, Structure & Billets w.e.f. 2nd Jul 2018.
As per reports, the company has reduced Rebar prices by INR 500/MT for 8 to 16mm & INR 750/MT for 20-32mm. However, Wire rod & Billet prices rolled over for the July deliveries.
As per the market participants, RINL has reduced rebar prices in line with seasonal low demand, rise in inventories and low offers by other large scale producers.
They added that post the price cut, RINL’s latest offers for 12 mm Rebars hovering at INR 43,500-44,000/MT, while by other large producers (JSW Steel & SAIL) it offered around INR 43,000-43,500/MT. The prices mentioned are ex-works, South India & excluding 18% GST.
In context to price movement of Structures, RINL has increased prices for Channel by INR 440/MT & Beam by INR 1,550/MT. Meanwhile, Angle & round offers remained unaltered, as per the reports.
Vizag Steel is a state owned Indian steel maker has an annual installed steel capacity of crude steel at 6.3 MnT, in which production during 2017 recorded about 4.41 MnT, as per data maintained by SteelMint.
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