Southern India based state owned large mill Vizag Steel (RINL) has raised finish long steel prices upto INR 1,500/MT w.e.f today following hike in offers announced by other primary mills.
After announcing finish long steel prices by large scale mills, SteelMint’s price assessment for rebar 12 mm at INR 39,500/MT ex-Mumbai, INR 39,000/MT ex-Chennai. For wire rod 5.5 mm 1008 grade price assessment stands at INR 37,900/MT ex-Chennai.
Indian large mills have raised finish long steel prices by INR 500-1,500/MT across major markets. Falling inventories and recent announcement made in budget related to developing infrastructure segment collectively resulted in hike in offers.
Few large mills officials appreciate the prospective budget and anticipate to get better sales volume in the near term amid positive sentiments for infra spending from government end which will support the steel industry and enhance per capita steel consumption.
Further, government initiatives like developing new airports, water pipe line & new five smart cities are expected to further boost Indian steel demand. As per trade associates, large scale mills have a healthy bookings in projects, which has kept market sentiments supported.
Leave a Reply