Indian Rebar Market Dull on Subdued Demand
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Indian Medium scale rebar market balanced in the beginning of week and trade were taking place up to very certain level in specified regions.
However limited trades since last couple of days have increased selling pressure with the producers, resulting significant fall in prices in particular regions. As per assessment, the rebar prices have slump by about INR 500-1,000/MT (USD 7-14) in current week.
Similarly, it's been stretching the liquidity issue in the market due to soft response through the buyers end and indicates prices to remain under pressure amid dull trends along with piled up inventories.
Trade Updates
-- Central region, Raipur based brand - SPEED TMT has decreased their price by INR 300/MT on day basis and current offering at INR 35,800/MT (28 mm) ex-work & excluding GST.
-- North India based Rathi Steels unchanged their prices on day basis and current offering at INR 41,000/MT (12 mm), ex-works & excluding GST.
-- Prakash Ferrous Industries Pvt. Ltd (Tirumala) based in Chennai has offered rebar at INR 42,000/MT (12 mm), ex-plant & excluding GST.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT has reduced their prices by INR 400/MT on day basis and current offering rebar at INR 46,000/MT (20 mm) FoR & including GST at 18%.
-- Jalna based rebar manufacturer - SRJ Peety Steels Pvt Ltd branding Shree Om TMT has reduced prices by INR 200/MT on day basis and offering basic rebar at INR 36,700/MT, ex-work & excluding GST.
-- South region - Chennai based manufacturer shared Structure - 50 Angle at INR 41,500/MT with routine payment terms, ex-work & excluding GST.
-- East region based - Baba Smelter Pvt. Ltd has reduced Structure offers by INR 700/MT on day basis & current (125,150 Channel) offering at INR 40,550/MT, ex-work & excluding GST.
-- Further, central based heavy structure mft's maintained trade discount of INR 800-1,000/MT as per quantity and current trade reference price hovering at INR 39,900-40,300/MT (200 Beam), ex-works & excluding GST.
