Trade activities seem to have declined in major Indian rebar markets since the starting of current week due to monsoon season & there by slow construction activities . Hence, producers are reluctant to cut the prices from current level owing to thin trade volumes.
The prices corrected almost INR 500-900/MT (USD 8-14) since Monday, 10 July due to low purchase by stockiest & end user segment. Major fall was registered in Central Region (Raipur), East Region (Durgapur) and South Region (Hyderabad).
Updates:
– According to trade participants, Medium and Small mills in Raipur who’s production is about 100-300 MT per day & are dealing for 28 mm rebar in the range of INR 26,500-27,000/MT ex-plant & excluding GST at 18%.
– GK TMT a renowned producer in Raipur, reported price fall by INR 500/MT day on day with fresh offers are reported at INR 28,200/MT ex-plant for 28 mm rebar. If comparison done since the week opening it declined almost by INR 800/MT as the offers on 10 July was at approx INR 29,000/MT, according to the officials.
– Kalika, one of the big manufacturer based in Western Region – Jalna, has reduced prices by INR 300/MT against trades on 13 July. The fresh offers by the producer are reported at INR 28,000/MT, ex-plant for 28 mm rebar.
“There is low interest for purchase following seasonal weak demand, expecting no major correction in the offers” an official stated.
– In Durgapur, Eastern region, the prices of 16 mm rebar are reported at INR 27,000-27,500/MT; for the mills who’s production is near to 500 MT per day.
12 MM Domestic Rebar Reference Prices as on 14th Jul’17
| Regions | Taxes | Prices as on | ||
| 14 Jul’17 | 13 Jul’17 | 10 Jul’17 | ||
| Raipur | Basic Prices; GST at 18% Extra | 29,100 | 29,400 | 29,800 |
| Durgapur | Basic Prices; GST at 18% Extra | 28,300 | 28,700 | 29,200 |
| Delhi | Basic Prices; GST at 18% Extra | 32,500 | 32,500 | 33,000 |
| Ahmedabad | Basic Prices; GST at 18% Extra | 28,900 | 28,900 | 29,200 |
| Jalna | Basic Prices; GST at 18% Extra | 29,800 | 29,900 | 30,000 |
| Hyderabad | Basic Prices; GST at 18% Extra | 30,100 | 30,500 | 30,600 |
| Chennai | Basic Prices; GST at 18% Extra | 31,000 | 31,000 | 31,500 |
Source: SteelMint Research.
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