MS Ingot, MS Billet and Re-bar prices in Maharashtra yesterday moved up by Rs 200-300/MT as production cut hits the supply.
Maharashtra based manufacturer have reduced the production upto 40-50%, as they have shifted to late working hours to produce long steel, due to slow prices and low power tariff.
Mumbai MS Ingot prices are offered at Rs 28,600/MT, Jalna. Billet are offered at Rs 28,700/MT and Re-bar 12 mm in Mumbai are sold at Rs 32,300/MT.
“Manufacturer are making cartel to support the falling price, which is likely to have short term impact but long term demand for finished materials can only support the prices,” said a well know Re-bar trader based in Mumbai.
SteelMint also learned that Raipur Mini Steel Plant Association, in a AGM meeting yesterday has decided to hold the Ingot production from 3rd August in protest of low conversion, high sponge prices and power tariff, for a minimum of 5 days.
“Protest to cut Ingot production was necessary over falling conversion and high sponge prices. If it continues for 7 days, we are very sure that sponge prices will reduce as we require minimum Rs 8500 conversion from Sponge prices” stated Ingot manufacturer based in the region.
Presently, MS Ingot in Raipur are offered at Rs 26,000-26,100/MT (basic), Sponge are offered at Rs 18,500/MT, and Re-bar 12 mm are sold at Rs 29500-800/MT.
All prices are basic. ED and taxes extra