Domestic Rebar supply movement has registered itself in a supported way as per current momentum where the market scenario has regularly moving sluggishly with up & down. Although market participants assuming the price level will get supported the existing price range for coming days.
Medium and small scale producer’s inventory level is neither low and nor high but in initial week there was selling pressure and minor discount was offered to improve buying inquiries and to keep the standard supply chain.
According to SteelMint price assessment, today the offers by medium mills for 415/500 Fe grade rebars (size 12 mm) are reported – at INR 37,000-37,200/MT (+200) ex-Raipur, INR 38,000-38,200/MT (+200) ex-Durgapur, INR 38,900-39,000/MT(+100) ex-Mumbai, INR 39,850-40,000/MT(+350) ex-Hyderabad, INR 37,800-37,900/MT (+100) ex- Ahmedabad, INR 38,500-38,700/MT (+600) ex-Jalna & INR 39,400-39,600/MT (+300) in Delhi. The changes mentioned above are day-on-day basis.
Trade Updates
1. Jalna based Kalika Steels increased their prices by INR 400/MT today and current basic rebars at INR 36,300/MT. As per official’s conversation, appropriate supply movement is going on and demand is stretched up.
2. Jalna based Roopam Steels also unchanged rebar prices in the opening hours & offered basic price at INR 35,700/MT and later hike by INR 200-300/MT to around INR 36,000/MT, ex-plant & excluding GST. Further stating that price range should be surrounding to INR 35,500-36,000/MT as demand is almost constant with minor changes and price level doesn’t seem to high volatile as per current scenario.
3. Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered Rebar 12mm at around INR 42,000/MT, ex-plant & excluding GST.
4. South Region based – Prime Gold Int’l Ltd offering rebars at INR 42,000/MT (12 mm), ex-work & excluding GST and as per official conversation market sentiments is assuming positive surroundings as of now.
5. Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 40,500/MT (12 mm) & Billet at INR 36,000/MT with advance payment and further as per trade participants view, export inquiries couldn’t be concluded due to high domestic prices & there is gap of USD 25-30/MT against export inquiries from South East Asian markets.
6. North Region based Rathi Steels, has raised prices by INR 500/MT on day basis and offered 12 mm at INR 41,300/MT ex-Delhi. The company price range being usually followed by other steel manufacturers in North-east regions.
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