On July 24, SteelOrbis reported offers in the Raipur (central east India) and Durgapur (east India) regions from medium to small sized steel mills at INR 35,300-36,000/mt ($512-522/mt) ex-works, with Raipur prices on the lower side of the range.
Sources now inform SteelOrbis that prices in the Raipur region have continued their descent and are now reportedly at INR 34,500-35,100/mt ($502-511/mt) ex-works. With prices previously at $512-517/mt ex-Raipur, prices have declined $10/mt from the bottom of the previous range and $5/mt from the top of the same range.
A source added that while prices in the Maharashtra region (western India) have also “declined relatively steady since early June,” they are closer to INR 36,000/mt ($524/mt) ex-works for the moment. The situation in rebar inventories at mills, beyond seasonal effect and market uncertainty on international factors, has been made worse in India as a result of an ongoing truckers’ strike that is entering its seventh day on Thursday, July 26.
USD = INR 68.92 (Jul 24)
USD = INR 68.71 (Jul 26)