Indian Rebar Secondary Market Awaits Election Outcome
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Indian secondary rebar demand has remained dull from last couple of days with certain levels amid considerable trade volume noticed in the beginning of week due to positive sentiments.
As per market participants, assumptions were made by trade sources with BJP govt to win in general elections and trade volume was strong with optimistic outlook. But material movement got slowed down from traders end in the midst of limited buying interest from retail counters and price range were stretched up by around INR 500-800/MT in across regions.
Healthy stock might keep future bookings under pressure unless & until the inventory level won't narrow down from traders end as per sources.
Further, as per SteelMint conversation, west & southern regions are facing drought issues amid summers and it will have a major impact in construction activities in near term. Rebar pices are expected to remain low until the water level won't get replenished.
However, participants have shown mixed sentiments and assuming the prices will be range bound amid strengthening raw material prices in domestic market as well as global market.
As per today's assessment the rebar trade reference prices observed at INR 35,400-35,600/MT Ex-Raipur & INR 36,800-37,000/MT Ex-Jalna by medium and small scale mills.
Trade Updates (Rebar 12mm)
-- North region based Rathi Steels current offering at around INR 39,200/MT.
-- Central region, Raipur based - SPEED TMT has unchanged their offers at INR 35,600/MT.
-- Real Ispat (GK TMT) has unchanged their offers at INR 37,700/MT.
-- Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 36,000/MT.
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 36,000/MT.
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) has unchanged their offers at INR 37,500/MT FoR.
-- Jalna based Rajuri Steel Pvt Ltd (Rajuri TMT) has maintained their offers at INR 37,100/MT.
-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) has unchanged their offers at INR 37,100/MT.
-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering at INR 37,500/MT.
Note - Prices mentioned above are ex-work, excluding GST & changes are placed on day basis & prices are subject to re-confirmation.
