Indian Mill Announces Finish Long Steel Prices for May

A major finished long steel producer in southern India has announced prices particularly rebar, which prices have been reduced by around INR 1,000/MT (USD 13) for May deliveries, as per SteelMint's trusted sources.

Current trade reference rebar prices are reported at around INR 39,000/MT ex-Chennai, excluding 18% GST, Grade Fe 500 D & size 12mm.

The key factors behind price fall are - lack of trades due to measured supply movement and considerable stock levels which is being reported from specified large mills including private large mills.

Future outlook

The market participants are awaiting for clarity in price trend whether market direction will hold the existing finish long steel price range or would take up a negative direction as few particular private and state owned mill have reportedly corrected their finish long steel prices as per regions.