Vizag Steel (RINL) – state owned steel maker under the Ministry of Steel and one of the largest long steel producer in South India, has further reduced its rebar prices by INR 500-1,000/MT (USD 7-15) for rest of Jul’18 deliveries. Prior to this, the price cut was made during 1st week of July by INR 500-750/MT in particular sizes.
As per latest update by participants, Vizag Steel has cut prices for 8 to 16 mm rebars by INR 500/MT & for 20 to 32 mm size by INR 1,000/MT, w.e.f. 10th Jul’18. However, the company has rolled over prices for other long steel products like wire rod & Structure.
The fresh prices for 12mm rebar reported at around INR 43,400/MT, meanwhile for 20-32 mm it hovering at INR 42,700/MT, ex-works Chennai, South India.
A dealer based in South India stated, “Presently the company is facing selling pressure as demand is quite dull owing to ongoing monsoon season. Also as the construction activity to remain low during July-August period, the company has opt to price cut”.
RINL had reported saleable steel output at around 4.5 MnT in last fiscal 2017- 18 and targeting to achieve at 5.5 MnT in the current fiscal year. The company is also targeting to achieve the production capacity near to 6 MnT in FY 18-19.
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