India: TATA Steel cuts re-bar prices by Rs 750/t for July'13

TATA Steel, one of India's largest re-bar producer, has reduced Re-bar prices by almost Rs 750/MT across its depot for July'13 on retail sales. This is the second consecutive price revision by primary manufacturers to boost up the sale. Last month they had reduced their offers up to Rs 700-1000/MT and at present they have reduced Re-bar prices by Rs 750/MT.

Offer of 8MM given by TATA in Mumbai was at Rs 53,400/MT in the last month, whereas, now at present it is offering at around Rs 52,500/MT (Include All Taxes).

TATA is one of largest long steel producer in India, which has produced over 1.6 million tonnes of bars and rods in FY 2012-2013 according to JPC.

Secondary Re-bar market is already showing downward trend from last few weeks but secondary Re-bar manufacturers are of the view that hike in primary Re-bar prices will not affect the secondary steel market that much as conversion is very high between primary and secondary Re-bar.