Despite primary steel manufacturers in India raising their offers over higher freight charges, steel prices in secondary steel market have continued to loose their ground on slow off take and poor demand. Re-bar traders and retailers highlight that over all demand has not been very encouraging and there is no scope of any hike at this moment.
In Maharashtra, finished steel prices went down by INR 200-300/MT from last trade. 40 sized angle (structure) and 12mm Re-bar is offered at INR 35,500/MT and 34,400/MT (Basic prices, Ex-Works) respectively.
In similar lines, Hyderabad MS Ingot and Re-bar Prices corrected by INR 300/MT. MS Ingot and 12mm Re-bar offered at INR 28,700/MT and 32,500/MT (Basic Prices, Ex-Works) respectively.
India produced around 28.8 million tonnes of re-bars and rods in FY'13, in which 20.5 million tonnes was contributed by secondary steel manufacturer. India's largest re-bar manufacturer, Rashtriya Ispat Nigam Ltd (RINL) is yet to declare its prices for October 2013.
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