On August 24, SteelOrbis reported that domestic rebar prices from small to medium-sized mills in India were trending up at INR 38,800-39,200/mt ($555-561/mt) ex-works Raipur and ex-works state of Maharashtra.
Sources now inform SteelOrbis that offer prices in the Maharashtra region have climbed to INR 39,500-40,000/mt ($557-565/mt) ex-works while offer prices in Raipur climbed, but at a more dampened rate of increase, to INR 39,000-39,500/mt ($550-557/mt) ex-works. In Maharashtra, prices increased $2/mt from the bottom of the previous range and $4/mt from the top of the same range. In Raipur, dollar prices declined $5/mt from the bottom of the previous range and $4/mt from the top of the same range on currency fluctuations. According to a source, the offers prices for rebar are being affected by volatility in billet prices and overall market uncertainty stemming from depreciation of currency value against the dollar at a crucial time when India is involved in the Regional Comprehensive Economic Partnership (RECEP) trade negotiations.
USD = INR 69.86 (Aug 24)
USD = INR 70.97 (Aug 30)