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.
On August 24, SteelOrbis is informed that prices in both the Raipur region and the state of Maharashtra are at INR 38,800-39,200/mt ($555-561/mt) ex-works. In the Raipur region, rebar prices increased $23/mt from the bottom of the previous range and $21/mt from the top of the same range. In the Maharashtra area, rebar offers increased $10/mt from the bottom of the previous range and $7/mt from the top of the same range. A source noted, “It is interesting that they are converging at the same level despite being distant regions, which shows equal upward momentum across India.”
USD = INR 69.86 (Aug 20)
USD = INR 69.86 (Aug 24)