Re-bar steady; market players wait for direction

Re-bar prices remained stable at major mandis' on Monday as
market players seek some direction.

According to market players in Raipur, “12MM was quoted unchanged at Rs 36,600/MT. Demand is ok but
no major trade was seen as everyone is waiting for some direction. The
settlement of June contract on NCDEX is also approaching. We will stay put till then”.

“The lowering down of Ingot production at various places due to power cuts may
not have a major impact as manufacturing of TMT is also low owing to sluggish demand”, he added
further.

In Vizag, a government inquiry will be conducted in VSP
(Vizag Steel Plant) to determine the causes of the blast & fire that occurred at VSP on
June 13.

Demand in TamilNadu and Kerela is poor. A manufacturer from Kerela said, “demand is bad and rains are heavy. Markets may remain disturbed for next 2 months”.