BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

India: BF-rebar trade prices edge down w-o-w amid subdued demand

...

Finish long

BigMint Bureau

110 Reads

27 Dec 2024, 18:25 IST

India: BF-rebar trade prices edge down w-o-w amid subdued demand

IF-rebar prices show mixed trend

Raw material prices remain range-bound w-o-w

Trade-level blast furnace (BF) rebar prices fell w-o-w owing to subdued domestic demand across markets. Buyers have moved to the sidelines and adopted a wait-and-watch approach due to continuous drop in prices and weak market sentiments. This has marked the seventh consecutive week of decline in prices.

Trade-level BF rebar prices edged down by INR 100/t ($1/t) w-o-w to INR 52,300/t ($612/t) exy-Mumbai, as per BigMint's assessment on 27 December 2024. Prices are exclusive of GST at 18%.

In the project segment, prices fell w-o-w to around INR 49,500-50,500/t ($579-590/t) FOR Mumbai amid limited buying interest.

Factors behind market dynamics

1. IF-rebar prices exhibit mixed trends: IF-rebar prices showed mixed trends on a weekly basis owing to need-based buying, which weighed on market sentiments. Manufacturers kept their list prices unchanged, while offering discounts to liquidate their inventories. Inventory idling time was at around 10-12 days across markets. Prices of raw material and semi-finished steel witnessed a mixed trend during the week. IF-rebar trade prices remained stable w-o-w at INR 47,300/t ($553/t) exw-Mumbai as on 27 December.

The price gap for BF-IF rebars stood at around INR 5,000/t ($58/t) in Mumbai. Notably, IF rebars enjoy a 65-70% share of the market.

2. Raw material prices range-bound w-o-w: BigMint's weekly Odisha iron ore fines Fe62% prices edged lower by INR 50/t ($0.6/t) w-o-w to INR 5,300/t ($62/t) ex-mines on 21 December. Iron ore prices showed mixed trend following the recent OMC auction, with the weighted average bids for fines dropping, while lump prices experienced a slight increase compared to last month's bids.