Indian steel companies increased HRC and CRC prices in early October, and a source noted that the same trend has been evident in the rebar market given the weaker domestic currency and limited import options. Although, buyers remain cautious and “will manage inventories closely given the soft short-term dampened domestic demand situation.”
Major steel companies increased domestic Indian rebar prices by INR 1,500-2,000/mt for October deliveries after an increase of INR 1,000-1,500/mt announced for September deliveries.
Rebar prices by major companies in India are reportedly at INR 44,500-45,000/mt ($604-611/mt) ex-works Mumbai on the southwest coast of India, excluding the 18 percent GST tax. Prices are for 12mm rebar.
On October 3, SteelOrbis reported that large Indian rebar mill prices had increased to INR 44,500/mt ($604/mt) ex-works Chennai on the southeast coast of India. Rebar prices on both coasts are reportedly trending stable since early in the month. Sources inform SteelOrbis that small to medium-sized rebar mills, which have been trending lower by a wide spread compared to larger rebar mills, were under pressure early in the month as demand dampened, but that their price range was rebounding in mid-October as reported on October 12. A source also noted that the price increase by the larger firms in the midst of the loss of INR value is supporting the overall rebar market.
USD = INR 73.68 (Oct 3)
USD = INR 73.65 (Oct 22)