Indian medium scale rebar demand remained on moderate basis in most of the regions, hence prices fluctuated by INR 100-300/MT across locations except in the southern region where the prices increased a bit due to rising raw material (scrap) prices and better trades from last couple of days.
Although in north region, participants shared that halted construction activities has made dull sentiments since more than a month duration and the situation industry are expected to get some relief amid evolving air quality by NGT (National Green Tribunal) upon next circular or might get certain expansion as well to improve the atmosphere in Delhi/NCR region.
In central region – Raipur, limited trade activities urged industrialists to increase trade discount and price range contracted by INR 200-400/MT on weekly basis but slight improvement since couple of days has lessened stock level up to certain level and selling pressure also eases in certain way, as shared by trade sources.
In western region, Gujarat & Maharashtra based manufacturers have raised the price range by INR 100-300/MT on weekly basis but from trade perspective view, participants shared mix response over tight raw material (melting scrap) supply and finish steel demand is yet to match the pace as per conscious trade volume.
Meanwhile in eastern India, the re-rollers in Durgapur have reported usual deals and no selling pressure as lifting & bookings both are matched and demand is mostly from north-east regions amid competitive price range.
Coming to south region, where mill owners have raised the offers by INR 100-600/MT as per location wise following increase prices by large mills but couldn’t get appropriate response as per prospective assumption through trade associates. The maximum price rise have noticed in Chennai market which has been stretched up by INR 500-600/MT W-o-W amid increasing raw material & semi finish prices as number of key players remain inactive amid lack of conversion and may take time to get operational.
Current trade reference rebar offers by mid scale mills hovering at INR 29,300-29,500/MT ex-Raipur, INR 30,900-31,300/MT ex-Durgapur, INR 30,900-31,300/MT ex-Jalna & INR 31,900-32,200/MT ex-Chennai, Grade- Fe500, excluding 18% GST & size 12 mm.
Trade Updates (Rebar 12 mm)
— Rathi Steels based in North region has unchanged their offer at INR 33,100/MT.
— Muzzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 30,700/MT.
— Raipur based Real Ispat (GK TMT) has unchanged their offer at INR 32,100/MT.
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is current offering at INR 30,000/MT.
— Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) has unchanged their offers at INR 31,300/MT.
— Jalna based Gajkesari Steels And Alloys Pvt. Ltd. (Gajkesari TMT) is current offering at INR 31,000/MT.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) has unchanged their offer at INR 32,700/MT FoR.
— J.R. Metal Chennai Ltd. (JR TMT) is current offering at INR 32,800/MT.
Note– All prices are basic & excluding GST, subject to re-confirmation.
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