Local Indian rebar prices have lost ground but the pace of decline has eased somewhat amid moderate restocking by trade channels and some relaxation of payment terms by secondary mills, SteelOrbis learned from trade and industry circles on Tuesday, June 21.
Indian rebar trade prices have moved down by an average of INR 500/mt ($6/mt) across all regional markets, with the ex-Mumbai price at INR 52,400/mt ($672/mt) and the price at INR 53,000/mt($679/mt) ex-Raipur in the central region.
Rebar prices are reported at INR 55,000/mt($705/mt) ex-Chennai in the south and INR 51,500/mt ($660/mt) ex-Durgapur in the east.
According to a Kolkata-based long product distributor, the positive being taken from current market conditions is that rate of price fall is slow and trade channels have resumed modest restocking.
The distributor said that the larger of the secondary mills are relaxing payment terms and are giving longer credit periods to push volumes and support trade and distribution, which is offering some slight support to the bearish market.
$1 = INR 78.00
