Indian domestic structure offers plunge by INR 200-500/MT owing to poor demand and with slump in billet offers.
During the week major price correction in structure offers was seen in Eastern and Central regions by INR 500/MT (USD 7) followed by Southern Region INR 400/MT (USD 6).
Indian re-rollers are under pressure since the government had announced new tax structures through GST (Goods and Service Tax) which will implement from Jul’17. This has worried the manufacturers & stockiest.
Raipur, Central India which is the hub for all size of structure manufacturing a mill owner here stated ’’bulk deals remain quiet from in-state and out states too, which built up selling pressure.”
The Stockiest are quite reluctant to keep stock with them due to the approaching GST in the country, he added.
Recently, the large producers like JSW & RINL also have reduced rebar prices upto INR 1,000/MT (USD 15) for Jun’17 deliveries.
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Although, lowering prices amid low sales volume didn’t adversely affect the production in any of the regions as the conversion from Semis remained on a positive end and they are able to extract maximum profits.
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