India’s steel hot rolled coil (HRC)-rebar price spread narrowed further to INR 3,550/tonne (t) in September from INR 5,300/t in August, as rebar prices increased at a faster pace than HRC amid tightening availability, improving project demand and stronger mill price realisations. Trade-level BF-route rebar prices increased by INR 6,100/t m-o-m to a monthly average of INR 59,400/t in September, while HRC prices rose by INR 4,350/t to INR 62,950/t, both ex-Mumbai and excluding 18% GST. The spread has therefore moved closer to the lower end of its historical range of around INR 4,000-5,000/t.
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