Indian local rebar trade prices showed mixed trend with prices maintaining in major markets but losing ground in some local regions as producers and users awaited clear trend to emerge amidst falling prices of semis and expected demand improvement, SteelOrbis learned from trade and industry circles on Tuesday.
Indian rebar trade prices remained unchanged at INR 55,500/mt ($694/mt) ex-Mumbai and INR 56,500/mt ($706/mt) ex-Chennai in the south.
However, in regional markets, rebar trade price was down INR 1,000/mt ($13/mt) at INR 51,600/mt ($645/mt) ex-Raipur and down INR 2,000/mt ($26/mt) at INR 54,000/mt ($675/mt) ex-Durgapur in the east.
“For one the regional variations in price is reflecting variations in demand improvements as withdrawal of the monsoon rains is also varied across geographies. High continuing rain is deferring bookings in some regions. At the same time, some induction furnace operators in central region are lowering rebar price to pass on benefits of softening billet price to consumer,” a Kolkata based secondary mill operator said.
“Increase in construction activities will take a pause in October-November as workers go on festival holidays and real estate developers and construction engineering companies will reduce bookings. But this will be temporary and the outlook remains very positive as both project implementation and real estate development is looking strong,” he said.
Exchange rate: $1= INR 80.00