Continuing the trend reported on July 2 and July 10, Indian domestic rebar prices are facing downward pressure on slow seasonal effect also in the southwest of India.
SteelOrbis reported offers in the Raipur (central east India) and Durgapur regions (east India) at INR 37,000-37,700/mt ($538-549/mt) ex-works excluding GST on July 10 for 12 mm rebar.
Today, sources inform SteelOrbis that both large and medium-sized rebar Indian mills are continuing to face downward pressure including in the Mumbai region (southwest India). Sources inform SteelOrbis that rebar offers on 12 mm from large firms are reportedly at INR 42,300-42,800/mt ($614-621/mt) ex-mill Mumbai and at INR 37,000-37,400/mt ($537-543/mt) ex-Mumbai from smaller mills. According to a source “about INR 500/mt lower than early July for larger mills in the region and INR 500-1,000/mt lower for medium-sized rebar mills in the region.”
The source added that, while larger mills are adjusting downward, the small to medium-sized mills are adjusting prices down more rapidly. The source also added that the downward pressure on rebar has also been reported in the central, northeast and southeast of India "as those numbers have become softer in the past week," but he did not readily have price ranges for those regions.
USD = INR 68.72 (Jul 2)
USD = INR 68.73 (Jul 10)
USD = INR 68.88 (Jul 19)