Indian mid size rebar mills observed sluggish demand in all regions & price range got slashed by around INR 1,200-1,400/MT (USD 16-19) on weekly basis.
However trade volume got improved from 4th Oct (since yesterday) and as per market participants, average supply movement could observe for near term and this may lead to slight price fluctuations.
South & Western India based medium scale rebar manufacturers presumes that minor amendment might get noticed in coming term but up to very certain level only. As these locations are considered to be scrap based, the low inventory of scrap might support prices for Semis to Finished steel products for near term. Also currency devaluation urge importers to hold buying scrap purchases till there is clear direction.
Trade Updates
— Central region, Raipur based brand – SPEED TMT has decreased their price by INR 100/MT on day basis and current offering at INR 35,200/MT (28 mm) ex-work & excluding GST.
— North India based Rathi Steels unchanged their prices on day basis and current offering at INR 39,200/MT (12 mm), ex-works & excluding GST.
— North region – U.P based – Gallant Ispat Ltd unchanged their prices on day basis and offered rebar at INR 40,300/MT (12-25 mm), ex-work and excluding GST.
— Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered rebar at INR 43,000/MT (12 mm), ex-plant & excluding GST.
— Akshar Ispat Ltd unchanged their prices on day basis and current offering rebar at INR 46,000/MT (20 mm) FOR & including GST at 18%.
— Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT unchanged their prices on day basis and current offering rebar at INR 46,000/MT FoR & including GST at 18%, Size – 20 mm, Sponge P-DRI at 24,500/MT and Billet at around INR 34,600/MT, excluding GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged on day basis and offering basic rebar at INR 36,700/MT, ex-work & excluding GST.
— South region – Chennai based manufacturer shared Structure – 50 Angle at INR 42,000/MT with routine payment terms, ex-work & excluding GST.
— South region based Pulkit Steel (Pulkit TMT) in Chennai has offered Rebars 12 MM at INR 41,500/MT, ex-plant & excluding GST.
— East region based – Baba Smelter Pvt. Ltd has reduced Structure offers by INR 250/MT on day basis & current (125,150 Channel) offering at INR 40,500/MT, ex-work, excluding GST.
— Further, central based heavy structure mft’s slightly reduce discount level to INR 500-600/MT as per quantity and current trade reference price hovering at INR 39,800-40,000/MT (200 Beam).
— After recent price hike by the large producers (SAIL, RINL & JSW Steel), the reference rebar offers of large mills stood at close to INR 44,200-44,700/MT ex- Chennai, size – 12mm & excluding GST.
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