The HRC-rebar spread has eased considerably since narrowing to its lowest in May 2024. However, rebars continued to be priced higher than hot rolled coils (HRCs) in July 2024, keeping the spread in the negative zone for four months in a row. In July, the spread improved to -INR 1,100/tonne (-$13/t), from a peak of -INR 4,200/t (-$50/t) in May and INR -3,600/t (-$43/t) in June. Data revealed that in July, rebar (12-32mm, BF-route, IS 1786), fell a sharp 7% m-o-m to INR 53,400/t ($638/t) from INR 57,400/t ($686/t) in June. But HRCs (IS 2062, 2.5-8mm) fell a shallower 3% m-o-m to INR 52,300/t ($625/t) from INR 53,800/t ($643/t) in this period.
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