Indian Primary Steel Mills Increase Rebar Price for Dec'19

Indian primary steel mills i.e. RINL, SAIL & JSW Steel have raised domestic finished long steel prices for Dec'19 by INR 500-1,000/MT as confirmed by the state-owned large mills as well as few private mills to SteelMint.

The prices have increased on account of improved domestic & export demand following narrowed down price gap between the large & medium/small scale mills and further it's being anticipated among few dealers that new project works might evolve steel procurement in specified regions.

In addition, it is analysed that halted project work might get appropriate fund flow through JV's between developers and investors which could be considered for further slight price rise in the near term.

In line with this finish long steel stock level at large mills reportedly slight down as dealers as well as stockiest restocking material in the assumption of price increase for existing month schedule and also shared that buying inquiries are not coming appropriately at specified regions as it supposed to be after an increase in price range.

With the latest price hike by the mills, SteelMint's trade reference rebar (Fe 500D) price assessment of BF grade stood at around INR 35,000-35,500/MT, ex-Mumbai & ex-Ahmedabad, size 12 mm & excluding of 18% GST.

Meanwhile, for the same size, rebar (Fe 500) offers through the mid scale mills learned at INR 31,500-31,700/MT ex-Mumbai & INR 32,600-32,800/MT ex-Ahmedabad; excluding GST, Fe500.