Finished steel market is showing a mixed trend for past few days. Market participants are also not expecting any further changes.
Finished steel market did not achieve any pre-monsoon improvement as expected by the traders since the rebar market is stable.
“Rebar Prices are stable owing to high raw material cost. Fall in Rupee has augmented an increase in scrap prices which moved up by Rs 500-700/MT in the past few days in India. And rebar prices have so remained stable, despite of poor demand”, said some TMT manufacturers based in East and West of India.
In contrary, Re-bar prices in Punjab and Gujarat went up by Rs 400-500/MT due to high prices of Ingot and Scrap in the states 12 mm TMT is being traded at Rs 37,200/MT (Basic price) at Mandi Gobindgarh.
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