India: Few Primary Mills Raise Long Steel Prices for Nov'19

Major Indian large scale mills have announced finish long steel prices for Nov'19 deliveries, in which the rebar offers have increased by INR 500-1,000/MT (USD 7-14) compared with last month.

Earlier the trade sources were anticipating long steel prices to be increased from mills received owing to some future bookings through project supply as construction activities were expected to resume post Diwali.

As per SteelMint's assessment, with recent hike, the latest trade reference prices of rebar (12 mm) large scale mills are hovering at INR 34,500-35,500/MT ex-Mumbai & Chennai. However, project and retail prices may vary upon booking quantity and payment terms whether procurement is notified by PSU's or private firms.

Trade associates are assuming that improved rebar prices for Nov'19 which increased prices by INR 500-1,000/MT in most of the regions might get sustain amid prospective direction where government funding being initiated in major regions, thus incomplete project works would lead to finish with required procurement from contractors end.

However suspended construction activities till 5th Nov'19 in northern region which was earlier measured up for particular time, as per recent circular by Environment Pollution (Prevention & Control) Authority may limit activities for some time. Northern region is one of the major consumers of steel products in India due to healthy construction & infrastructure projects where most of the primary mills likewise Tata Steel, JSPL, Electro Steel & SAIL are supplying material from their eastern region based plants.