Local Indian rebar prices have retreated in some major areas like Mumbai over the past week due to the slowdown in business activity amid the holidays. However, trading has started to revive early this week and the overall mood has remained positive.
Indian rebar trade prices have declined by INR 900/mt ($11/mt) to INR 48,800/mt ($581/mt) ex-Mumbai and have inched down by INR 200/mt ($2/mt) to INR 48,300/mt ($575/mt) ex-Chennai in the south.
Rebar prices have moved down by INR 1,100/mt ($13/mt) to INR 44,900/mt ($534/mt) ex-Raipur and are up slightly by INR 100/mt ($1/mt) to INR 44,800/mt ($533/mt) ex-Durgapur in the east.
According to market sources, prices in the Indian market have increased constantly since the second half of September, so the recent decline could be just a correction, not a sign of a change of trend.
Local billet prices in India have also posted some declines. Billet trade prices have declined by INR 900/mt ($11/mt) to INR 44,100/mt ($525/mt) ex-Mumbai and are down by INR 350/mt ($4/mt) to INR 41,600/mt ($495/mt) ex-Raipur in the central region.
