Sources inform SteelOrbis that the domestic rebar market in India is gaining positive momentum, specifically, rebar prices in the Maharashtra region on the West of India have increased since early October.
On October 5, rebar offers were reportedly at INR 28,400/mt ($436/mt) ex-Jalna mill. On October 31, rebar offers increased to INR 30,000/mt ex-Jalna mill ($463/mt) and straddled along that level for a week. Prices dropped to INR 29,250/mt ($450/mt) ex-Jalna mill on November 8, but have since rebounded and as of November 16, sources inform SteelOrbis that rebar is presently offered in the region at INR 30,300/mt ($465/mt) ex-Jalna mill.
$1= INR 65.13, (Oct 5)
$1= INR 64.75, (Oct 31)
$1= INR 64.94, (Nov 8)
$1= INR 65.20, (Nov 16)