The local Indian rebar market has showed a mixed trend over the past week, with prices recording good gains in major regional markets like Mumbai, while running out of steam in a few others with retail sales ebbing, SteelOrbis learned from trade and industry circles on Tuesday, December 9.
Sources said that rebar trade-level prices are up a robust INR 1,100/mt ($12/mt) to INR 44,300/mt ($491/mt) ex-Mumbai but have remained unchanged at INR 43,000/mt ($477/mt) ex-Chennai in the south. Rebar trade prices are up INR 300/mt ($3/mt) to INR 39,300/mt ($436/mt) ex-Raipur but are down INR 100/mt ($1/mt) to INR 39,400/mt ($437/mt) ex-Durgapur in the east.
According to the sources, the major trading hub in the west around Mumbai has reported active buying by large construction companies, providing a positive push to prices, but regional markets have seen a slight drop in retail sales, leading to comparatively dull trade conditions.
“The demand pattern is showing divergent trends across markets, offering secondary mills support to nudge up prices, but the regional markets have remained weak, with retail buyers tending to pull back,” a Kolkata-based distributor said.
“We expect prices to remain volatile in a market lacking a definitive direction. A section of the market is therefore in wait-and-watch mode,” he added.
$1 = INR 90.01
