Indian TMT Re-bar offers have corrected by INR 200-800/MT from last week trade. Down sentiment started on Friday with fall in Mandi Gobindgarh’s MS Ingot prices.
Most of the TMT market is based on raw material (MS Ingot/Billet). So, fluctuation in raw material offers drives the TMT market, while demand of TMT sustains it.
Indian TMT manufacturers have decreased their offers upto INR 800/MT today due to low demand in finish long and relapse in raw material prices.
In Gujarat, Ingot & TMT prices have declined by INR 750/MT & INR 800/MT from previous trade. A native TMT manufacturer of Gujarat commented, “We were not seeing any encouraged demand but owing to high raw material offers, we had increased our rates. Today, TMT offers decreased by INR 500/MT with fall in raw material offers, although market trend was looking down from Friday itself.”
“Ingot and Sponge iron rates are not reducing with low demand in the market, but we are bound to sale in lower prices owing to sluggish demand of TMT, which has decreased our conversion margin,” said a TMT manufacturer based at Raipur, where TMT offers decreased by INR 500/MT.
“TMT sale is dull but more corrections are not anticipated as Ingot & Sponge iron prices are high,” stated a TMT manufacturer based at Raigarh, where TMT offers decreased by only INR 200/MT.
While, southern region based TMT manufacturers are quiet from last week on highly fluctuated market.
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