As per trade sources report to the SteelMint, JSW Steel one of the largest steel producers in India has increased its Long Steel – rebar prices by INR 1,000/MT (USD 14) today and the new prices are applicable with immediate effect.
Although as per participants, the producer has not declared fresh offers for wire rod, probably it may revised in the starting of Sep’18 along with other flat steel products. Also the company is eyeing for further increase in rebar prices in September too, as per reports.
The other large scale producers (SAIL, TATA & RINL) are yet to announce the latest prices for Sep’18 deliveries.
After consideration of price revised, rebar prices will be offered by large players close to about INR 43,000/MT (ex-Mumbai) for the retail segment. Meanwhile, it is now hovering at INR 41,000-41,500/MT for the same location. Prices are for 12 mm size, ex-works & excluding 18% GST.
The prime reason behind the hike in rebar prices by the company is sharp surge in prices by medium mills during August on improved demand. Other factors that have supported price hike are less inventories amid decent export bookings and increase in semi finished steel prices.
So far in the month, the medium & small mills have increased rebar prices by INR 4,000/MT in Mumbai, INR 2,000/MT in Chennai, INR 5,000/MT in Delhi/ NCR & INR 2,500/MT in Hyderabad.
Almost all Indian large mills had already indicated to raise long steel prices by INR 500-1,500/MT in early Sep’18 on anticipated revival in domestic demand following the end of monsoon season.
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