State owned – Vizag Steel (RINL) under the Ministry of Steel has announced to rollover long steel prices for Jan 2019 as per sources.
In the starting of December’18, company has kept base price unchanged in majority of the finished steel product. Although it later raised incentives/discounts by INR 1,000-2,000/MT depending on the lifting of material in order to push sales. There after in the mid of the month (Dec’18), company has further increased discount/incentives by INR 700/MT mainly in rebar for specific locations.
Currently, trade references prices of rebar of large mills stood at close to INR 40,700-41,000/MT ex-Chennai, for 12mm & excluding 18% GST.
Among all regions in India, company has a significant presence in southern region in terms of rebar sales which accounts about 70% for the respected states – TamilNadu, Kerala, Andhra Pradesh, Karnataka and Telangana.
Vizag Steel (RINL) is a state owned steel maker under the Ministry of Steel and one of the largest long steel producers in India. The company 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.
Other large Mills are yet to declare the prices for the January 2019 and are expected to revise soon.
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