Indian rebar market has observed lack of demand amid dull sentiments among trade participants. Finish long steel prices have contracted up to INR 1,000/MT (USD 14) through medium/small scale mills as per weekly assessment.
Factors that have attributed towards limited procurement through medium scale mill associates are in uncertain direction for the near term as material lifting is not framed appropriately due to mixed sentiments which is being observed through different regions.
Central region one of the major hub for rebar and structural steel where prices declined by INR 1,000/MT on a weekly basis and this downtrend is seen from the last couple of weeks where rebar price range drifted down by INR 1,800-2,000/MT with healthy selling pressure and many retail counters along with few re-rollers and traders anticipating that there could be a minor correction further considering the lack of future bookings. However, material lifting exists but up to a certain specified level.
West region and south region-based participants are expecting that finish steel price range may remain range-bound without major changes for the near term as secondary market has fallen down more than expectation and average supply movement exists.
— Current trade reference rebar offers by mid-scale mills are hovering at INR 32,600-32,900/MT ex-Raipur, INR 33,700-34,100/MT ex-Durgapur & INR 35,200-35,500/MT ex-Jalna, 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 36,700/MT.
— Muzzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is current offering at INR 34,600/MT
— Raigarh based Anjani Steels Ltd.(Radhe TMT) is offering at INR 33,300/MT (up by INR 100/MT).
— Jalna based Rajuri Steel Pvt. Ltd.(Rajuri TMT) is offering at INR 35,500/MT (down by INR 600/MT)
— Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 35,300/MT (down by INR 400/MT).
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 38,400/MT FoR.
— Gujarat based, Mono Steel (India) Ltd.(Mono TMT) is offering at INR 37,900/MT FoR.(down by INR 300/MT).
— South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala) is current offering at INR 37,500/MT.
Note- All prices are basic & excluding GST, subject to re-confirmation.
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