The Indian local rebar market has remained sluggish ahead of holidays and purchases have bene done only on urgent need basis. As a result of poor demand and a lack of supportive measures, prices have fallen further over the past week.
Indian rebar trade prices have dropped by INR 1,300/mt ($15/mt) to INR 47,200/mt ($562/mt) ex-Mumbai, which has been the big sign that even in the major trading hub the pace of price fall is not slowing down. Also, rebar prices have declined by INR 500/mt ($6/mt) to INR 47,000/mt ($559/mt) ex-Chennai in the south.
Prices have lost INR 700/mt ($8/mt) to INR 42,700/mt ($508/mt) ex-Raipur and have fallen by the biggest amount among markets – by INR 1,700/mt ($20/mt) to INR 42,200/mt ($502/mt) ex-Durgapur in the east.
In the billet market in India, the trend has remained similar. Local billet prices in India have declined by INR 900/mt ($11/mt) to INR 41,700/mt ($496/mt) ex-Mumbai and have been down by INR 700/mt ($8/mt) to INR 39,400/mt ($469/mt) ex-Raipur in the central region. Though prices in the local have been declining for a few weeks already, most mills have been not interested in exports as the competition with Chinese sellers have been still very tough. Chinese suppliers have been ready to give $470-480/mt FOB, while the price idea of Indian mills is $485-490/mt FOB.
