Indian Rebar Demand in Secondary Market on Recovery Mode
This week, rebar demand in domestic market is on recovery mode, after a constant fall during last week. As per assessment, in last 2 days the prices increase was near about INR 500/MT (upto USD 7) across major markets.
As per industrialist in Central & Western regions - demand has suddenly picked up which has influenced them to keep prices on higher side.
Dull sentiments were notified in past week amid sufficient inventory levels. However, market sentiments got sudden improvement particularly from north region amid surging Indian commodity exchange market and participants got active in most of the regions resulted ease of selling burden due to active involvement of associates.
-- As per sources based in west region (Maharashtra), few renowned mills have closed their dispatches with hampering GST/IT officials surrounding (Nasik/Jalna/Aurangabad) to secure accountable transactions in the region.
-- Current trade reference prices 12 mm rebar registered at INR 35,900-36,300/MT Ex-Raipur, INR 38,500-38,800/MT Ex-Jalna & INR 38,400-38,800/MT Ex-Chennai.
Trade Updates (Rebar 12 mm)
-- Central region, Raipur based - SPEED TMT current offering INR 36,300/MT (Up by INR 200/MT).
-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) current offering INR 39,400/MT FoR.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT current offering at INR 39,600/MT FoR (Up by INR 300/MT).
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offering at INR 38,800/MT.
-- Jalna based Rajuri Steel Pvt Ltd (Rajuri TMT) current offering at INR 38,600/MT.
-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) unchanged their offering at INR 38,800/MT.
-- Chennai based ARS Steel (ARS 500 D) current offering around at INR 41,300/MT.
Note – The prices mentioned above are ex-work, excluding GST & changes are day basis.
source: SteelMint
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