On September 6, SteelOrbis reported that domestic rebar prices from small to medium-sized mills in India were trending up at INR 39,100-39,500/mt ($543-549/mt) ex-works Raipur.
Sources inform SteelOrbis that over the next few days, prices firmed on the upper end of the range but began to decline from September 8 with a bottom reached around September 11 at INR 38,700-39,000/mt ($532-537/mt) ex-works Raipur.
As the end of the week approached, domestic prices began to rebound and rebar offers are reportedly now at INR 39,100-39,500/mt ($539-544/mt) ex-works Raipur again. Due to the devaluation of the INR against the dollar, prices have declined $4/mt from the bottom of the previous range and $5/mt from the top of the same range compared to September 6.
USD = INR 71.95 (Sep 6)
USD = INR 72.69 (Sep 11)
USD = INR 72.55 (Sep 17)