Indian Finish Long Steel – Rebar prices moved up marginally amid average buying in domestic market.
Market sources commented that stockiest are currently holding sufficient bookings in their hand for next couple of weeks. However on other side as per producers inquiries continue to remain strong which may push prices upwards in near term.
It is to be observed that trade volumes are moving on average basis as projected since demand exists only in specified locations. However over high prices limited booking is happening in particular regions.
Although current momentum indicates that minimum inventory level in most plants accommodate current price range for near term as material dispatch is getting placed more than week.
Under Finish long commodities i:e; ERW (Electric Resistance Welded) Pipe reported near to average demand from past mid week and current basic offering at INR 46,300/MT ex-Mandi Gobindgarh, North India & INR 44,100/MT ex-Raipur, Central region.
Wire Rod – The suppliers in Raipur have unchanged trade discount on Wire rod to around INR 800-1,000/MT, size – 5.5 MM and current offering at INR 42,200/MT ex-work & excluding GST.
Trade Updates
1. Real Ispat & Power, offers Rebar (GK TMT) has unchanged their prices on day basis & offering 10-25 mm at INR 43,300/MT ex-plant, Raipur. According to the officials demand does exist and sufficient trade volumes supporting the sentiments.
2. North Region based – Rathi Steels, known as price trend setter for Northern region has unchanged their Rebar price and offered 12 mm at INR 45,600/MT ex-Delhi & excluding GST.
3. Shakti Ferro Alloys in Chennai, South Region having monthly Rebar production around 10,000 MT, has offered 12mm Rebar at INR 41,000/MT and & Billet at INR 36,500 MT with immediate payment term. As per official conversation demand is sluggish & market is having very dull inquiries.
4. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered Rebar 12mm at INR 42,000/MT ex-plant & excluding GST. As per company’s official market needs to amend for getting better supply movement.
5. Jalna based rebar manufacturer – Rajuri Steel Pvt Ltd has unchanged their prices and offering basic Rebar at INR 39,300/MT ex-work & excluding GST. As per official view existing price range should sustain for near term amid tight raw-material along with optimistic trade sentiments.
6. South Region – Husur based – Prime Gold Int’l Ltd offering 10-25 mm Rebars at INR 42,300/MT ex-work & excluding GST and as per official conversation demand is average at this prices.
7. Central region (Raigarh) based Scan Group branding Shrishti TMT having monthly production capacity of 20,000 MT, increased prices by INR 100/MT and offering 28mm Rebars at INR 39,500/MT ex-work & excluding GST. As per official opinion market should get stable for near term and don’t have selling pressure amid good bookings in hand.
8. Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has increased prices by INR 200/MT on day basis & offered 20mm Rebar at INR 48,800/MT FoR & including 18% GST. Billet offers reported at INR 37,500/MT ex-work & excluding GST. As per official view Finish sale is limited.
Leave a Reply