Re-bar prices in Raipur (Chattisgarh) continue to move down on weak demand before Diwali holidays. Although market traders see prices are nearing bottom and it is a good opportunity to take position.
“12mm is being offered at around Rs 32,000-32,200/t (Ex Works Raipur) by local brands, where as bigger manufacturers are offering same size at around Rs 33,000/t (Ex Works Raipur).
Manufacturers are working at a very low conversion, we take it as an opportunity to stock. Also with weak demand many steel mills will cut or stop productions in coming weeks. We expect demand to improve in December.” said a Re-bar trader based in Raipur.
On the other hand re-bar prices in other parts of country also corrected by Rs 200-500 per tonne on slow off take.
Leave a Reply