India: Rebar Prices in Secondary Market Remain Volatile

Indian secondary rebar market observed slight price fluctuation of INR 100-200/MT day on day basis amid strengthening raw material (Billet) prices due to better trade volumes in major markets i.e. central & western India.

Market participants shared that slight rise in Semi-finish and Finish steel prices have reduced the stock level up to a certain extent and few have stated future bookings as well in rebars.

Another improvement factor could be considered is lowered operational activities of Ship recycling in West coast (Alang - Gujarat) as they have been ordered to halt activities as per recent order by Govt. of Gujarat (Gujarat Maritime Board) amid cyclonic storm 'Vayu.

However, few major trade participants from specified locations assuming that increased price range might not sustain for near term as overall demand exist below to average levels and stock levels still more than the average with the mills & traders end as well. Another major factor added delayed payments from associates due to liquidity issue.

Rebar Trade Updates (12mm)

-- Rathi Steels based in North region current offering around INR 37,600/MT (ex-Delhi).

-- Central region, Raipur based - SPEED TMT is offering at INR 34,300/MT (up by INR 200/MT).

-- Real Ispat (GK TMT) has unchanged their offers at INR 36,600/MT.

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 34,400/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 35,900/MT FoR (up by INR 300/MT).

-- Jalna based Rajuri Steel Pvt Ltd (Rajuri TMT) has maintained their offers at INR 35,500/MT.

-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is offering at INR 35,500/MT.

-- Mahalaxmi TMT based in Wardha - Maharashtra is offering at INR 34,300/MT (up by INR 200/MT).

-- South region based Prakash Ferrous Industries Pvt. Ltd (Tirumala) current offering at INR 38,000/MT.

Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis & prices are subject to re-confirmation.