Rebar offers increased again in Sep’16 by RINL, others may follow suit
Government owned RINL (Vizag steel) has raised rebar prices further by INR 500/MT w.e.f 10 Sep’16, as per our sources. The company had earlier increased rebar prices by INR 500/MT on 1 Sep’16.
Almost all the big steel producers are currently offering prices at about INR 29,000-30,000/MT for 12-32mm (including excise duty, VAT/CST extra) ex-Chennai.
The prime reason behind the recent increase in domestic steel prices is steep surge in raw material prices especially imported cooking coal in a short duartion.
At present, Coking coal premium grade is being offered at USD 204/MT, FoB Australia for Sep’16 loading. The same was offered at USD 100/MT, FoB in Jul’16 end.
Trade sources also revealed that another large steel producers i.e JSW steel based in South India is going to increase rebar offers by INR 1,000/MT shortly.
Note : Prices are excise duty included, VAT/ CST extra
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