Rebar prices stable in Central India but see downfall in Western and Hyderabad region in a week.
Rebar prices saw only a marginal change in major Indian markets during past week. However, prices fell by INR 400-1,000/MT W-o-W in Hyderabad and Western India.
In Raipur i.e. Central India, Rebar manufacturers are holding prices owing to stability in semi-finished steel prices, coupled with limited availability of the material. Market participants are still facing lack of demand and are waiting for it to pick up fully.
As per a Rebar manufactuer based in Chhattisgarh, “Our production has been impacted slightly owing to shortage of labour due to intense summer heat.” He also added,”We are expecting limited downfall from this level.”
Demand of finished steel product seems average in Maharashtra region. However, Rebar prices here declined by INR 500/MT in last few trades, but currently prices are holding in the range of INR 31,000-31,300/MT for 12 mm (ex-plant, excise and CST/VAT extra).
According to a well known Rebar manufacturer based in Mumbai, “Rebar demand is neither very good nor bad. Our only concern is that we are likely to face shortage of imported scrap in the current month owing to Indian rupee becoming weaker against USD. This in turn could make imported material dearer.”
Indian Billet and Rebar prices
|
Region |
City | Billet | W-o-W | Rebar# |
W-o-W |
| Central | Raipur | 26,200 | + 50 | 29,500 | 0 |
| Raigarh | 26,000 | + 100 | 29,300 | -200 | |
| Eastern | Durgapur | 26,500 | + 150 | 29,100 | -100 |
| Western | Ahmedabad | 27,400 | – 200 | 30,100 | -700 |
| Mumbai | 28,000 | – 600 | 31,000 | – 400 | |
| Northern | Mandi Gobindgarh | 30,000 | + 200 | 34,400 | 0 |
| Southern | Hyderabad | 26,500 | – 1,000 | 29,300 | -1,100 |
| Bangalore | 27,500* | -200 | 31,800 | 0 |
Basic Prices as on 8th May’15, #=12 mm, *Ingot price
Excise duty & CST/VAT extra
Source: SteelMint Research
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