Indian Rebar witness Surge in Price & Demand
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Rebar a major commodity and one of the key product in steel Market is witnessing support in Indian Market amid price hike by large producers which has given much needed impetus to other small & medium producers also.
As per Trade participants, they have cleared all their inventories which they were planning to sell later on. After the recent price hike announcement by major Indian steel mills, traders are in 'wait & watch' mode.
According to SteelMint price assessment, today the offers by medium mills for 415/500 Fe grade rebars (size 12 mm) are reported - at INR 39,400-39,600/MT (+500) ex-Raipur, INR 39,800-39,000/MT (+200) ex-Durgapur, INR 40,100-40,200/MT(0) ex-Mumbai, INR 40,750-41,000/MT(+250) ex-Hyderabad, INR 38,600-38,800/MT (+200) ex- Ahmedabad, INR 39,900-40,100/MT (0) ex-Jalna & INR 40,600-40,800/MT (0) in Delhi. The changes mentioned above are day-on-day basis.
Trade Updates
1. North Region based Rathi Steels, has unchanged prices and offered 12 mm at INR 42,350/MT ex-work. As per Co. associates inquiries are good & bookings healthy.
2. South Region based ARS Trusteel in Chennai has monthly production capacity around 12,000 to 15,000 MT of Rebars & Billet each, has unchanged their prices D-o-D basis & offering 12 MM Rebar at INR 42,500/MT with advance payment and Billet around INR 37,000/MT ex-plant & excluding GST.
3. Gujarat based Akshar Ispat Ltd branding as Akshat TMT has increased their offers by around INR 300/MT today & offering rebars at around INR 46,800/MT FoR & including GST at 18%, Size - 20 mm. As per official view finish long having good demand & expecting relish surroundings for near term.
4. Mahlaxmi TMT based in Wardha - Maharashtra offering 12 mm rebars at INR 39,300/MT ex-plant and excluding GST. As per officials supply movement is good & not expecting downward movement due to raw material i:e; domestic scrap & billet prices have been stretched up since a week.
5. Real Ispat & Power increase prices by INR 200/MT today & current offering Rebar (GK TMT) 12-25 mm at INR 41,200/MT ex-plant, Raipur. According to the officials demand is supported at these offer prices and it won't get disturbed with major changes in coming days.
