Local Indian rebar prices have continued their recovery in select regions and have been consolidating at higher levels amid improved bookings by secondary mills and faster retail trade activity, SteelOrbis learned from trade and industry circles on Tuesday, March 5.
Indian rebar trade prices have risen by INR 200/mt($2/mt) to INR 48,900/mt ($590/mt) ex-Mumbai but they have remained unchanged at INR 47,500/mt ($573/mt) ex-Chennai in the south.
Rebar trade prices have gained INR 600/mt ($7/mt) to INR 43,500/mt ($525/mt) ex-Raipur and are unchanged at INR 42,900/mt ($517/mt) ex-Durgapur in the east.
According to sources, even though the recovery was not uniform across regions, the biggest positive is that sharp declines have been checked, largely on back of higher procurement emerging from large construction projects.
“The halt in the decline and some gains are a positive. But the sustainability of the uptrend is still uncertain. Declines have been halted a lot because secondary mills have completed stock liquidation. Hence, new dynamics of supply, demand and price will emerge now. Whether this will support prices to strengthen, we are not too sure,” a Kolkata-based distributor said.
“Sellers are now increasing offers. We will wait and watch for some more time to see if the market is able to absorb the price increases,” he said.
$1 = INR 82.90
