Indian TMT Re-bar offers declined upto INR 600/MT in a week’s time. Low sales volume and fall in Ingot prices have made Re-bar manufacturers to cut their offers by INR 100-300/MT on daily basis.
Finish Long Market
Major down fall in TMT prices witnessed in Muzaffarnagar, Mumbai, Raipur & Hyderabad, whereas in Chennai, it is gained by INR 150/MT W-o-W.
Hyderabad based a trader said, “We were not expecting any major changes in the market but stagnant sale of TMT from last 4-5 days and fall in Ingot prices led to decline in offers.
He further added, most of the people are awaiting the elections result which resulted in low trading volume.”
Semi Finish Market
Stagnant sales, high inventory, pending decision on mining ban in Odisha and upcoming results of elections have made buyers cautious. Ingot offers dropped upto INR 700/MT W-o-W in most of the cities. While, Hyderabad endured major correction of INR 1,000/MT in Ingot offers.
“Low buying from finish Long manufacturers across the country and falling Sponge iron prices owing to high inventory are the main reasons of downfall in Ingot offers,” said an Ingot manufacturer based at Mandi Gobindgarh.
Today’s Market Scenario
Sponge: Sponge iron prices increased by INR 100-300/MT across India except Durgapur, where it is corrected by INR 50/MT.
Ingot: Ingot offers rose by INR 100-200/MT in most of the cities.
TMT: Guardian TMT (Mumbai) offers declined by INR 100/MT from previous trade. 20 mm TMT is being offered at INR 36,100/MT. Raipur GK TMT offers are unchanged at INR 35,500/MT (28 mm).
Leave a Reply