RINL cuts Re-bar prices by Rs 500/MT for July'13

Owing to weak demand and seasonal slowdown in Indian market, steel manufacturers had to reduce their offers for long steel. RINL has reduced the retail prices by Rs 500/MT for July'13, as per the prices shown in their website. Earlier, TATA had cut their offers by Rs 750/MT. SAIL has not made any changes yet. Eyeing on the downward trend in secondary steel market and poor demand from construction sector, prices have come down.

Offers for 8MM TMT in all major cities by RINL is at around Rs 44,300-45,300/MT (Exclusive of VAT).

Whereas secondary Re-bar prices have come down by Rs 200-400/MT in last week. 12mm Re-bar is traded in the range of Rs 34600-39500/MT (Exclusive of VAT) in all over India.