India: Large Mills Announce Rebar Prices for June

Indian Large scale mills - SAIL, JSW Steel & RINL (Vizag Steel) have announced finish long steel prices for Jun'19 deliveries.

As per the recent conversation with officials and associates the announcement which is being made is a hike as well as roll over price range in across regions.

Price hike of around INR 500/MT (USD 7) heard by SAIL (Steel Authority of India Ltd). While India's largest steel producer - JSW Steel has raised rebar prices close to INR 750/MT (USD 10).

The key factors behind recent price hike through the officials as well dealers stated, positive outlook on sustained projected supply and rising input cost due to rally in iron ore prices in Indian domestic & international market.

However as per trade sources, RINL (Vizag Steel) has rolled-over prices as SteelMint reported earlier. The reasons behind unaltered price range for Jun'19 highlighted - inappropriate demand. Although another major factors added that upcoming monsoon where construction activities to get disturb and delayed in fund allocation due to upcoming budget.

Further few West & Southern India based associates are assuming that discount level might be announced in near term as per current scenario where demand is limited in most of the regions.

With the fresh price revision, SteelMint's price assessment for large scale rebars hovering at INR 40,500-41,000/MT, which was in May-end reported at INR 40,000-40,500/MT. The prices are ex-Mumbai (stock yard), size 12 mm & excluding 18% GST.