The top steel producers in India; SAIL, TATA, JSW & RINL have increased rebars offers by INR 500-1,000/MT for Nov’17 deliveries, the trade participants report to SteelMint.
As per the assessment current reference prices for 12-25mm rebars by these producers are hovering in the range of INR 33,500-34,500/MT (ex-Mumbai) and INR 34,500-35,000/MT (ex-Delhi). The prices are ex-works & excluding GST @ 18%.
According to market participants, the prices have increase in line with strong semis export orders and also due to low inventories for long products and preferred flat steel production on high realizations.
Notably, Vizag Steel also known as RINL, recent has concluded a export tender for 45,000 Billets for which delivery is scheduled by end of Nov’17.
Similarly, JSW Steel also packed with billet & rebar export orders, the company has concluded couple of billet export deals during Oct’17 for South East Asian countries. Also, the manufacturer has sold out rebars for exports in little quantity during last month.
Further, the SAIL’s (Steel Authority of India) offline tender for exports of 30,000-35,000 MT billets are under negotiation mode which is expected to be settle near to USD 470/MT FOB India.
Also, Tata Steel’s export volumes showed the rise of 12% to 0.31 MnT in Q2 FY18 comparison to 0.27 MnT in last quarter, in recent release results on 30 Oct’17 the company reported.
According to data maintained by SteelMint stats, Indian bulk billet exports continue to surge and are reported in Oct’17 at 132,000 MT, Sep’17 at 126,000 MT & during Aug’17 it was about 42,000 MT.
Further, in the ongoing month (Nov’17) a bulk vessel of 33,000 MT billets have been exported and another 2-3 bulk shipments are expected to be loaded by end of the month for which deals had take place in Oct’17.
India’s Bar & Rod production by JPC during Sept’17 reported at 3.78 MnT against at 3.7 MnT in Aug’17.
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