India: Secondary Mills Raise Rebar Offers

Indian medium and small scale rebar market has observed mix trends over the past week and as per weekly comparison prices have moved up by INR 200-600/MT in most of the regions on increase in semis price range.

Also, on daily price assessment, rebar offers slightly moved up following by upsurge in billet prices in overall markets.

While considering rebar trade volume, its being notified that future bookings remained slow due to lack of trade activities with festive season where trade participants and work-force remained unavailable in major regions and overall volumes remained moderate except in southern India

Further, south India based few participants shared nominal buying inquiries amid monsoon season and supply movement also negatively affected with sufficient inventory level and it could be a major concern towards offering trade discounts which is hovering around INR 300-600/MT particularly in Chennai.

While, northern region is carefully watching the activities from NGT for measured construction activities amid poor air quality and traders anticipating a minor correction in near specified period.

Coming to eastern India, where festive mood has limited lifting of finished products, this in turn marginal rise in price range even though there are less inventories with the mills. However, sources are hopeful for surge in price range with resume trade activities in coming week.

Current trade reference rebar offers by mid scale mills hovering at INR 29,700-29,900/MT ex-Raipur, INR 30,200-30,600/MT ex-Durgapur, INR 31,100-31,400/MT ex-Jalna & INR 30,800-31,100/MT ex-Chennai, Grade- Fe500, excluding 18% GST & size 12-25mm.

Trade Updates (Rebar 12 mm)

-- Rathi Steels based in North region has unchanged their offers at INR 33,300/MT.
-- Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 32,200/MT.
-- Raigarh(Chhattisgarh) based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 30,300/MT.
-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 31,300/MT (up by INR 100/MT).
-- Jalna based Gajkesari Steels And Alloys Private Limited (Gajkesri TMT) is current offering at INR 31,000/MT.
-- Wardha based Sangam TMT is current offering at INR 30,100/MT.
-- South region Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering at INR 31,500/MT.

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