SAIL & JSW Steel, India’s largest Steel producers have announced price reduction today in Rebars by INR 500-1,250/MT (USD 7-18) for Aug’18 deliveries, as reported by sources.
As per sources, Steel Authority of India Limited (SAIL) has reduced its Rebar prices by INR 500-1,000/MT in both retail and project segment for August deliveries. However, the company has keep the price firm for other long steel products like Wire Rod and Structures. The new price will be valid from 1st Aug’18.
Another Indian large mill – JSW Steel has reduced its Rebar prices by about INR 1,250/MT and Wire rod by INR 750/MT for August deliveries. The new price will be effective from 1 Aug’18.
Presently the large mills Rebar prices for 12-32 MM are hovering at INR 41,000-41,500/MT in Mumbai & excluding at 18% GST. Meanwhile offers for same size material through Small & Medium mills in Mumbai are evaluated at INR 37,000/MT ex-works & excluding at 18% GST.
The prime reason behind the price reduction in rebar by large mills stated is seasonal low demand and very competitive pricing by other domestic producers. This has forced producers to slash prices.
SAIL Receive Bulk Rebar order from NTPC
As per sources, recently – Steel Authority of India Limited (SAIL) has bagged orders of around 15,000 MT of rebar from NTPC Limited across India projects for Q2 FY19. It is also heard that the deal for the same quantity has been concluded at around INR 41,500/MT (GST 18% extra).
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