On June 28, SteelOrbis reported that due to limited inquiries, offers on rebar from medium sized domestic Indian mills were decreasing. The trend was reinforced with domestic list prices for large rebar producers trending down for July in the July 2 rebar price list report.
In late June, offers from medium sized mills for 12mm rebar were reported at INR 39,300-39,700/mt ($571-577/mt) ex-works excluding GST in both the Raipur (eastern central India) and Durgapur (eastern India) regions, with the ex-Raipur pricing on the lower end of the range.
Sources inform SteelOrbis that offer prices are now reportedly at INR 37,000-37,700/mt ($538-549/mt) ex-works in the same regions mentioned above. A source reports that ex-Raipur prices continue at the lower end of the range. Prices declined $33/mt from the bottom of the previous range and $28/mt from the top of the same range.
Sources add that long steel demand is quiet due to a seasonal effect and some uncertainty in the market. Additionally, India’s Vizag Steel, a large rebar producer, has also reportedly decreased rebar prices further this week.
USD = INR 68.78 (Jun 28)
USD = INR 68.73 (Jul 10)