On August 30, SteelOrbis reported that domestic rebar prices from small to medium-sized mills in India were trending up at INR 39,000-39,500/mt ($550-557/mt) ex-works Raipur. Prices increased over the week in domestic terms but declined $4-5/mt on currency fluctuations.
Local sources inform SteelOrbis that offer prices from small to medium-sized mills slightly corrected downward by INR 200-300/mt in the first few days in September and are now rebounding to INR 39,100-39,500/mt ($543-549/mt) ex-works Raipur. Due to the further devaluation of the INR against the dollar this week, prices declined $7/mt from the bottom of the previous range and $8/mt from the top of the same range.
USD = INR 70.97 (Aug 30)
USD = INR 71.95 (Sep 6)