Indian Medium Scale Rebar Prices Rise, Demand Remains Subdued

Indian secondary rebar market observed limited trade volumes amid ongoing festive mood in the country. As per daily assessment rebar prices inched up by INR 100-300/MT across regions.

However in comparison to weekly premises, rebar prices narrowed down by INR 200-1,100/MT in most of the locations despite average inventories with the manufacturers amid inadequate production level. The key factor behind drop in price range is reported, less work force available due to festival holidays, which in turn slowed spot trades as well made construction activities subdued.

Particularly, in north India rebar prices plunged by INR 700-900/MT with considerable selling pressure due to comfortable inventory level retained by industrialists as stated by few traders based in Delhi/NCR region. Meanwhile another alarming factor is notified due to high pollution level in the region which seems to ban the construction activities by the National Green Tribunal (NGT) in the near term and finish steel prices could get minor contraction with dwindling supply movement shared by trade sources.

According to trade participants, market direction will remain on same line as existing & price range may observe minor fluctuations till festive season.

Current trade reference rebar offers by mid scale mills hovering at INR 29,600-29,800/MT ex-Raipur, INR 30,100-30,500/MT ex-Durgapur, INR 30,600-30,900/MT ex-Jalna & INR 30,800-31,100/MT ex-Chennai, Grade- Fe500, excluding 18% GST & size 12-25mm.

Trade Updates (Rebar 12 mm)

-- Raipur based Real Ispat (GK TMT) is offering at INR 32,200/MT (down by INR 300/MT).
-- Raigarh based Scan Group branding (Shrishti TMT) is offering at INR 30,300/MT (down by INR 200/MT)
-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 32,100/MT FoR.
-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) has unchanged their offers at INR 31,900/MT FoR.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) has unchanged their offers at INR 30,900/MT.
-- West region based Bhagwati Ferro Metal (P) Ltd is currently offering at INR 31,100/MT.
-- Wardha based Sangam TMT is current offering at INR 30,300/MT.
-- Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 31,500/MT.

Note- All prices are basic & excluding GST, subject to re-confirmation.