On July 26, SteelOrbis reported that prices for 12mm rebar from medium to small sized steel mills were reportedly at about INR 34,500-35,100/mt ($502-511/mt) in the Raipur (central east India) while prices in the Maharashtra region (western India) were at INR 36,000/mt ($524/mt) ex-works.
SteelOrbis recently reported a wide gap between rebar offer prices from medium to small sized steel mills and the larger firms in India.
Sources inform SteelOrbis that 12mm rebar offers from large Indian mills such as JSW Steel are presently at INR 41,500/mt ($603/mt) ex-works Mumbai. For reference, large firms in the same region were reportedly offering 12mm rebar at INR 44,000-44,500/mt ($645-652/mt) ex-works in May and continued declining into June and July and "their price level is now at about January prices before hitting the crest this year during March and April.” While specific regional offer ranges from medium to small sized steel mills were not immediately provided to SteelOrbis, sources confirmed the continued wide gap of INR 4,000-5,500/mt between the mills as the sustained trend. Demand for rebar continues to be limited, according to sources. The recently announced list price decreases by large firms are expected to place downward pressure on the medium to small sized rebar steel mills.
Additionally, a source noted that several large steel mills have also reportedly cut domestic list prices on HRC for the August period.
USD = INR 68.25 (May 15)
USD = INR 68.71 (Jul 26)
USD = INR 68.80 (Aug 6)