Vizag Steel – state owned steel maker has announced finished long steel prices for Mar’20 deliveries. The company has hiked prices by INR 700-1,000 (USD 10-14)/MT, as per our trade sources.
Under finish long steel – rebar & wire rod prices are heard to be increased up by around INR 700-1,000/MT and INR 1,000/MT, respectively.
Factors that have contributed towards price increase is better demand from project works, while trade associates shared that they couldn’t get appropriate sizes amid shortage of material.
Also, Steel Authority of India Limited (SAIL) has increased rebar prices by INR 500-1,000/MT as reported by trade sources which is notified region wise.
In addition to price increase, government infra projects payments getting remitted partially where disbursement for particular proportionate is supporting primary mill rebar prices as procurement interest generally remains with primary brands.
Current trade reference prices of 12 mm rebar registered at around INR 40,000-40,500/MT Ex-Chennai, basic prices & excluding GST.
Further as per closed sources, other primary producers are also planning to hike finished long steel prices, which are yet to be announced by officials.
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