On February 12, SteelOrbis reported Indian domestic rebar prices at INR 36,300/mt ($565/mt) ex-works Raipur and INR 36,500/mt ($568/mt) ex-works Durgapur.
Since then, sources have reported prices gaining upward momentum for approximately 10 days, but prices are currently facing some stagnation or corrections depending on the region. In Raipur, prices peaked a week ago at INR 36,700/mt ($565/mt) ex-works and have since retreated to INR 36,200/mt ($555/mt) ex-works this week. In Durgapur, the rebar market has trended stable at INR 37,500/mt ($575/mt) ex-works for the past week.
Compared to mid-February, prices in Raipur have decreased by $10/mt while prices increased $7/mt in Durgapur. A source noted, “With iron ore price cuts that are being announced for March by companies such as NMDC in India, I expect Durgapur to also face some slight correction.”
USD = INR 64.25 (Feb 12)
USD = INR 64.98 (Feb 22)
USD = INR 65.18 (Feb 28)