India's JSW Steel Further Increases Rebar Offers for Feb'19 - Sources

As per trade sources report to the SteelMint, JSW Steel one of the largest steel producers in India has again increased its Long Steel - rebar offers by INR 1,000-1,200/MT (USD 15-18) today with immediate effect. Last week, SAIL announced 2nd price hike in rebar prices by INR 500/MT for Feb'19

In the beginning of the month, company had increased prices by about INR 750/MT. Other large scale producers (SAIL, TATA & JSPL) have already hike offers in rebar by INR 500-1,000/MT. While, RINL (Vizag Steel) has kept offers unchanged in the starting of Feb'19 but expected to increase prices soon inline with other large producers.

The prime reason behind the hike in rebar prices by the company is sharp surge in prices by mid sized mills since the starting of month on improved demand. So far in the month, the medium & small mills have increased rebar prices by INR 2,900/MT in Raipur, INR 2,200/MT in Chennai & in Delhi/ NCR & INR 2,000/MT in Mumbai.

After consideration of price revised, rebar prices will be offered by large players stood at close to about INR 41,000-41,500/MT (ex-Mumbai) for the retail segment. Prices are for 12 mm size, ex-works & excluding 18% GST.