India: Rebar Demand in Secondary Market Improves
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Indian secondary rebar market observed better response from users end and trade volumes improved following strengthening buying inquiries and prices increased by INR 200-300/MT on D-o-D basis.
However, on weekly basis rebar prices marked fall of INR 600-800/MT (USD 8-12) across regions amid high selling pressure and more than average stocks.
Northern Region - Demand observed slightly below to average and limited bookings for near term noticed with manufacturer, as per sources.
Central Region - Re-bar stock levels are maintained on average basis due to adjusted production levels but buying inquiries continue to remain weak from last couple of days and prices narrowed down by INR 600/MT W-o-W basis.
Western Region - Gujarat market slightly moved down amid less buying inquiries is being notified in finished steel towards the beginning of week and stock level was more than average, which led to decline in prices range by INR 200-400/MT; W-o-W.
Maharashtra market seems to have positive outlook & active response through traders/retailers & considerable volume has been concluded and doesn't seem bothered for measured term.
Southern India - Chennai & Hyderabad market analysed slow buying inquiries and inventory levels are higher and if current situation persist then prices might see some corrections on certain levels.
Trade Updates (Rebar 12 mm)
-- North region based Rathi Steels is offering at around INR 38,800/MT, Ex-Delhi.
-- Central region, Raipur based - SPEED TMT unchanged their offers at INR 36,100/MT.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT unchanged their offers at INR 39,300/MT FoR.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om TMT) is offering at INR 38,500/MT.
-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) is being offered at INR 37,900/MT (Up by INR 100/MT).
-- Chennai based ARS Steel (ARS 500 D) offers stood at around INR 40,800/MT.
-- Chennai based Kamachi Industries Ltd. (KAMACHI TMT) offers hovering at INR 39,000/MT.
Note - The prices mentioned above are ex-work, excluding GST & changes are day basis.
