On September 17, SteelOrbis reported that domestic rebar prices from small to medium-sized mills in India were trending up at INR 39,100-39,500/mt ($539-544/mt) ex-works Raipur after a slight correction.
On September 21, sources inform SteelOrbis that Raipur prices declined to INR 38,900-39,200/mt ($540-544/mt) ex-works on September 19 but are now seeking an upward trend are at INR 39,100-39,400/mt ($541-545/mt) ex-works. Due to currency fluctuations, prices increased $2/mt from the bottom of the September 17 range and $1/mt from the top of the same range. Due to the price volatility, a source noted that trades are limited, but that traders are optimistic as the large rebar mills are expected to announce price hikes which will support overall rebar prices in October.
USD = INR 72.55 (Sep 17)
USD = INR 72.04 (Sep19)
USD = INR 72.26 (Sep 21)