On August 20, SteelOrbis reported that domestic rebar prices from small to medium-sized mills in India were trending up at INR 37,200-37,700/mt ($532-540/mt) ex-works Raipur and at INR 38,100-38,700/mt ($545-554/mt) ex-works in the state of Maharashtra. SteelOrbis previously reported that the smaller Indian steel mills had a wide price gap compared to the larger Indian steel mills of INR 4,000-5,500/mt in July and into early August.
Sources inform SteelOrbis that larger rebar mills have since softened prices and in the Mumbai region, for example, 12mm rebar is on offer at approximately INR 40,500-41,200/mt ($580-590/mt) ex-mill. Compared to the Mumbai rebar offer price reported on August 6 of INR 41,500/mt ($603/mt), the price has declined INR 300-1000/mt. In dollar terms, due to currency fluctuations, prices declined $13-23/mt.
Rebar offer prices from medium-sized steel mills are estimated by a source at about JPY 37,500-38,500/mt ($537-551/mt) ex-works Mumbai. As the larger mills have adjusted prices downward and the small to medium-sized mills have adjusted prices upward, the spread between the two prices has reportedly narrowed to JPY 2,700-3,000/mt in the Mumbai area, for example. A source noted that, with the improved rebar prices in deals — as reflected by the increased offer prices of the small to medium-sized steel mills — and expected improved demand with the end of the monsoon season approaching, larger steel mills are anticipated to consider increasing rebar offer prices for September.
USD = INR 68.80 (Aug 6)
USD = INR 69.86 (Aug 20)
USD = INR 69.82 (Aug 22)