Domestic rebar prices remained volatile by INR 100-400/MT on SteelMint’s daily price assessment. According to the market participants, Inquiries have improved today specifically in Central, East & West India.
According to SteelMint price assessment, today the offers by medium mills for 415/500 Fe grade rebars (size 12 mm) are reported – at INR 36,200-36,400/MT (+ 100) ex-Raipur, INR 37,500-37,700/MT (+200) ex-Durgapur, INR 38,700-38,800/MT(+200) ex-Mumbai, INR 38,500-38,700/MT(0) ex-Hyderabad & INR 38,200-38,400/MT (-400) in Delhi. The changes mentioned above are day-on-day basis.
As per Industry participants, prices may rebound anytime soon as trends are strong globally. Moreover the high cost of raw-material also indicates towards a recovery in prices.
SteelMint also assessed that, the producers and suppliers are anticipating that post festival of Holi local demand would improve thus leading to prices surge. They also added that large producers likely to further raise long steel prices for Mar 2018 deliveries which may bring positive trends in the markets.
1 Jalna based Kalika Steels reduced their prices by around INR 200/MT d-o-d basis and currently offer basic rebars at INR 36,000/MT and as per further anticipation, market should be on the same level due to existence of current demand which might prevent any major changes.
2. Mahalaxmi TMT based in Wardha – Maharashtra also reduced rebar prices around by INR 300/MT and the latest offers for the day for 12 mm are reported at INR 36,800/MT ex-plant and excluding GST. As per officials, supply movement is fairly average and sentiments appear to be optimistic.
3. North Region based Rathi Steels has reduced prices by around INR 400/MT d-o-d basis and offered 12 mm at INR 39,200/MT ex-Delhi. As rebar has limited supply extent and inappropriate quoting has been refrained and supply movement is getting placed as per the requirement.
4. Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 38,500/MT (12 mm), Billet at INR 34,500/MT and further as per trade participants view, market is lacking for suffice liquidity flow and it might lead to slight fluctuations.
5. Tulsyan NEC Steel (Tulsyan) based in Chennai has kept the same prices and offered Rebar 12mm at INR 40,500/MT & Billet at INR 35,500/MT, ex-plant & excluding GST.
6. Gujarat based Akshar TMT have unchanged their rebar prices D-o-D. The fresh offers are reported at INR 46,800/MT FOR & including GST at 18%, Size – 20 mm and as per officials market demand is very limited due to festive mood but won’t get any major downfall as financial year ending will provide an impetus to finish long due infrastructure projects.
7. Central India based Raipur Power and Steel Ltd offering Wire Rod (5.5 MM) at INR 38,000/MT, Ex-Mill & Excluding GST and as per trade participants view supply movement will get appropriate direction with utilization of procured finish long products for completion of pending projects.