Indian Rebar Inventories with Large Mills Fall 6% in Feb '20 - SteelMint

Rebar inventories with Indian primary mills have reported to have lowered by 6.1% M-o-M in Feb'20. According to data compiled by SteelMint, rebar-inventories with major mills have lowered to around 2,45,000 MT in Feb'20 as against 2,60,000 MT (revised fig) in Jan'20 and around 3,70,000 MT in Dec'19.

Vizag Steel successfully resumed operations at one of its blast furnaces in Feb'20 which was closed since Sept'19.

Top five mills (RINL , JSW, JSPL , SAIL, Tata) produced around 13.503 MnT bar & rod in FY19 which is about 35.62 % of India's total bar & rod production. India produced 37.912 bar & rod in FY 19.

How did it impact prices ? Primary mills increased rebar prices by INR 500-1,500/MT in Feb'20 on falling inventories. However in the secondary market, lack of trades and drop in billet prices resulted in rebar prices falling by up to INR 1,500/MT.

Further in Mar'20, these primary mills raised rebar offers by INR 500-1000/MT.