Re-bar moves up at most of the mandis'

Re-bar prices moved up by Rs 200-600/MT at most of the major mandis' . According to market players, the rise in Re-bar prices is mostly cost driven rather than being demand driven.”

Re-bar prices at Hyderabad moved up by Rs 500/MT & 12 mm traded at Rs 37,000/MT. According to a trader, “yesterday 12 mm was traded at Rs 36,700++ but today prices went up by Rs 500/MT.  The sand mining issue is expected  to resolve in couple of days. Demand has been stagnant
from past two weeks but the power crisis might increase the prices further”.

The weakening of Rupee is expected to raise the import bill of steel manufacturers. According to Indian Steel manufacturers, “Dollar sensitivity increases the cost of steel making. Though the imported coal prices have dipped significantly, weakening Rupee has wiped out the net gain. This has increased pressure on our margins and the market is in no position to accept a sharp price hike”.