Rebar price gap between Mumbai and Raipur, which used to be 1,500-2,000/MT, narrrowed down to INR 300-500/MT.
Rebar manufacturers based in Mumbai increased their offers by INR 500-600/MT in last three days and currently 12 mm rebar is being offered at INR 30,200/MT (Basic price; excise duty & other taxes extra).
In order to maintain conversion level from billet to rebar and looking at slight buying improvement in rebar, manufacturers suddenly raised offers. According to a rebar manufacturer based in Mumbai, “Demand seems better in the current week as compared to the last, but we are facing a low conversion gap from billet to rebar that has gone down from INR 3,500/MT to INR 3,000/MT.
Since 25 May’15, owing to hike in industrial power tariff in Chhatisgarh, rebar manufacturers raised offers by around INR 1,000-1200/MT. But it again fell by INR 500/MT in last one week due to low offtake. Currently, the wide price gap of INR 1,500-2,000/MT between Mumbai and Raipur rebar has also come down to just INR 300-500/MT for 12 mm.
Other Major Markets Remain Stable
Rebar prices remain firm in other Indian markets too. Offers in Chennai for rebar are at INR 30,300/MT, Ahmedabad at INR 30,400/MT and Durgapur at INR 28,200/MT for 12 mm (Ex-plant, Excise duty and other taxes extra).
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