Indian large steel producers have raised prices of long steel (Re-bar, Wire Rod & Structures) by Rs 500-1,000 (USD 8-16) a tonne for December, according to market sources.
Prices for Re-bar (12-28 mm) stands at around Rs 35,000/MT, (ex-Mumbai) and Rs 36,000/MT (ex-Delhi), where as wire rod offers stand at Rs 39,000/MT, ex-Mumbai and Rs 40,000/MT ex-Delhi, prices excluding 18% GST.
Market participants attribute this price hike to rising raw material prices and improved export demand, which is a result of absence of Chinese steel in the export market.
Iron ore prices in domestic market has increased by INR 400/MT (USD 6) and coking coal Prices has Increase by USD 25/MT in last one month.
Although price hike by large manufacturers are not in line with medium manufacturers. Where medium manufacturers have raised prices by INR 1,000-3,000/MT in last one month, large manufacturers have only increased it by Rs 1,000/MT.
Trade update:
1. JSW raises wire rod and rebar prices by Rs 1,000/MT
2. RINL raises re-bar and wire rod prices by Rs 500-600/MT
3. JSPL has raised re- bar and wire rod prices by Rs 1,000-1,500/MT
4. SAIL heard to have raised prices by Rs 500-1,000/MT on long steel
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