Indian Secondary Mills Raise Rebar Offers on Improved Inquiries

Indian medium and small scale mills have raised rebar offers amid strengthening raw material (billet) prices along with improved trade volume. Rebar prices increased by INR 400-1,300/MT (USD 5-19) across markets on weekly basis.

Northern India based trade sources shared that, particularly in Delhi/NCR location trade volume has improved significantly in last couple of days due to positive sentiments, hence price range increased by INR 800-1,300/MT W-o-W.

Further, trade participants of this region are optimistic for supply movement and demand to enhance due to resumption of various halted infrastructure projects in coming days amid certain JV's between existing developers & institutional investment.

In addition, western India based few industrialists shared that stock level has come down which was deeply bothering from last couple of weeks, also material lifting is better through the trade associates. Further for future prospect, they are not expecting any major contraction due to considerable trades as well as tight raw material (scrap & billet).

Also, in central region trade volume was marginally up and it's being observed through industrialists that supply movement is not up to the mark and with increasing raw material, prices surged considerably of finished steel products.

Also southern India based trade sources are hopeful for further increase in raw material amid tight supply and being considered scrap based region which will ultimately impact on finish long steel price range in the near term. As per assessment made by SteelMint, rebar prices have been increased by INR 1,100/MT W-o-W.

-- Current trade reference rebar prices of mid scale mills hovering at INR 30,200-30,400/MT ex-Raipur, INR 31,300-31,700/MT ex-Durgapur, INR 32,100-32,400/MT ex-Jalna & INR 33,100-33,400/MT ex-Chennai, Grade- Fe500, excluding 18% GST & size 12 mm.

Trade Updates (Rebar 12 mm)

-- Rathi Steels based in North region is offering at INR 33,900/MT (up by INR 500/MT).

-- Muzzaffarnagar based Swarup Rolling Mills Limited (Swarup TMT) is offering at INR 31,400/MT.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) is offering at INR 32,400/MT (up by INR 300/MT).

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering INR 32,400/MT (up by INR 400/MT).

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 34,100/MT FoR.

-- South region Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 33,500/MT.

Note- All prices are basic,explant & excluding GST, subject to re-confirmation.