Indian Large Mills Announce Finish Long Steel Prices for Oct 2019
Indian large scale mills have announced finish long steel prices for Oct’19 deliveries maintaining the similar price range. Few participants are assuming that prices have already bottomed out.
Further, it’s being assumed by trade associates that the large scale mills are maintaining the same prices for finish long steel prices for this month due to inappropriate demand which is being hovering since last couple of months and is getting narrowed down and the sales figures are not adequate across regions.
However, domestic rebar prices may vary upon booking quantity and payment terms whether procurement is notified by PSU’s or private firms and project price might vary up to INR 500-1,000/MT through large scale mills.
As per assessment, current trade reference prices of large scale mills are hovering at INR 33,500-34,200/MT ex-Mumbai, Hyderabad & Ahmedabad.
During Sep'19, the producers lowered prices by around INR 600-1,300/MT (USD 9-19) in terms of discounts & rebates across regions due to slow down in construction activities on account of weak lending by NBFC’s due to considerable NPA’s of contractors and developers which effected the construction activities where project work was halted including housing segments which nearly contributes 65% in overall steel consumption.
source: SteelMint
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