India: Rebar Demand in Secondary Market Awaits Clarity
India's rebar demand in secondary market has remained dull amid slow material movement at current price range, reported by market participants.
As per SteelMint assessment, thin trade volume and low buying inquiries can raise selling pressure and this may result slight price corrections in near term as offers have narrowed down today by INR 100-200/MT on D-o-D basis.
However in Central and Western regions - industrialists shared that, inventories are on average levels owing to considerable trade volume in last week and might not impact significantly. However if lack of response continues then prices might come down, they added.
Further, Central region Chhattisgarh (Raipur) based re-rollers association has increased rebar guage parity by INR 300/MT to INR 2,500/MT (12-25 mm) w.e.f. 05th Mar'19 and basic size considered with 28 mm.
On weekly basis, prices surged up to INR 1,500/MT particularly in East region and in rest of the locations by around INR 500-1,000/MT.
Trade Updates ( Rebar 12 mm)
-- Central region, Raipur based - SPEED TMT unchanged their current offering INR 37,200/MT.
-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) current offering INR 39,800/MT FoR.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT current offering at INR 39,800/MT FoR (Down by INR 200/MT).
-- Jalna based Rajuri Steel Pvt Ltd (Rajuri TMT) current offering at INR 39,100/MT (Down by INR 300/MT).
-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) unchanged their offering at INR 39,100/MT.
-- Chennai based ARS Steel (ARS 500 D) current offering around at INR 41,600/MT.
-- South region based Prakash Ferrous Industries Pvt. Ltd (Tirumala) current offering at INR 40,500/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are day basis.
source: SteelMint
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