Indian Secondary Rebar Market Remains Bearish on Subdued Demand
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Indian Rebar market observed subdued response amid average demand through the traders and retailers.
It's been assuming by industrialists that rebar price trend may remain volatile for near term due to liquidity crunch in overall regions and certain steps taken by government officials to control unaccountable sales in specified locations on upcoming elections in few states.
However, few mid size re-rollers are expecting improvement in demand & prices as well post the Diwali festival and piled up stock might get clear with evolving sentiments as price range plunged up to INR 1,500/MT (TMT & Structure) on weekly basis.
During past week, it's been notified that all steel products will be covered under quality control order as few medium range brands are not up to the level under norms, as per sources.
Further, Central based heavy Structure manufacturer have slightly stretched discount range by INR 200-300/MT to INR 800-1,000/MT over limited trades.
Trade Updates
-- North India based Rathi Steels slightly increase their price by INR 100/MT on day basis and current offering at INR 40,450/MT (12 mm), ex-works & excluding GST.
-- Central region, Raipur based brand - SPEED TMT unchanged on day basis and current offering at INR 36,700/MT (12 mm) ex-work & excluding GST.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT unchanged day basis and current offering rebar at INR 37,800/MT FoR.
-- Jalna based Kalika Steels has decreased their prices by INR 500-600/MT on day basis & offering rebars at INR 36,300/MT (12 mm) ex-plant & excluding GST.
-- West region based Bhagwati Ferro Metal (P) Ltd offering rebar at INR 37,200/MT for Mumbai (12 mm), ex-work & excluding GST.
-- South region - Chennai based ARS Trusteel has unchanged their prices on D-o-D basis & offered rebar at INR 42,100/MT (12 mm), ex-plant & excluding GST.
-- East region Based - Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 40,200/MT & rebars at INR 39,300/MT (12 mm), ex-work & excluding GST.
