The local Indian rebar market has showed a mixed trend in the past week with marginal variations of trade prices across regions, amid slightly negative sentiments after large buyers were seen to be pausing fresh bookings, while some induction furnace operators have been reducing prices for inventory management purposes, SteelOrbis learned from trade and industry circles on Tuesday, April 15.
Sources said that rebar trade prices have remained at INR 49,400/mt ($574/mt) ex-Mumbai and are also stable at INR 48,700/mt ($566/mt) ex-Chennai in the south.
Rebar trade prices, however, have declined by a marginal INR 100/mt ($1.50/mt) to INR 45,600/mt ($530/mt) ex-Raipur but have gained INR 100/mt (1.5/mt) to INR 45,900/mt ($534/mt) ex-Durgapur in the east.
According to the sources, large engineering procurement, construction (EPC) companies, which had been active buyers and behind the recent gains, have largely been absent from the market, triggering lower trade activity and renewed cautious sentiments among market participants.
At the same time, a few regional induction furnace operators are reported to have dropped prices marginally to manage inventories and hasten stock movement, the sources said.
“There is greater caution returning to the market after the recent gains in long products. Price can go in either direction. But the mood is becoming negative in the wake of the withdrawal of large buyers and with retail sales also losing momentum,” a Kolkata-based distributor said.
“In the short turn, we expect volatility and uncertainties regarding offers in the market,” he added.
$1 = INR 86.00