India: Domestic Rebar Prices Increase amid Rally in Billet Prices

Prices moved up to INR 1,000/MT on daily basis in specific regions and as per market participants strengthening raw material (Billet) prices and positive sentiments have supported price hike.

As per participants, trade volume increased in specified regions for more than a week's bookings. However in the beginning of week inventory level was slightly higher than average basis.

They added that this improvement in demand level was observed in last couple of days due to sudden hike in raw material and this will prevent major correction in near term amid possible price hike by large scale producers.

Trade Updates

1. Central region, Raipur based brand - SPEED TMT has increased their price by INR 700/MT on day basis and current offering at INR 37,000/MT (28 mm), ex-work & excluding GST.

As per Co. associates 50% future bookings getting registered i:e; near about 7-8 days instead of 15 days but positive sentiments might get support for near term.

2. North region based Rathi Steels have lifted their prices by INR 900/MT on day basis and current offering at INR 42,200/MT, size - 12 mm & excluding 18% GST.

3. Jalna based rebar manufacturer Rajuri Steel Pvt Ltd has increased their price range by around INR 1,100/MT & current offering rebar 28 mm at around INR 37,100/MT, ex-work & excluding GST.

As per official view appropriate trade volume booked and strengthening raw material will hold the current scenario for near term.

4. Gujarat based Shreeyam Power & Steel Industries Ltd unchanged their prices on day basis and offering TMT at INR 47,000/MT FoR & including GST at 18%, Size - 20 mm.

5. Jalna based rebar manufacturer - SRJ Peety Steels Pvt Ltd branding Shree Om TMT increased INR 800/MT on day basis and offering basic rebar at INR 36,800/MT, ex-work & excluding GST.

6. South India - Chennai based ARS Trusteel reported unchanged their prices against last day trades. The current offers for Rebar 12 MM at INR 41,500/MT, ex-plant & excluding GST.