The local Indian rebar market has showed a mixed trend in the past week, with prices gaining in the west but edging down lower in other regions amid the overall negative mood, SteelOrbis learned from trade and industry circles on Tuesday, August 13.
Indian rebar trade prices have gained INR 700/mt ($8/mt) to INR 45,000/mt ($536/mt) ex-Mumbai, where traders assessed the increase as ‘a positive correction’, while they have fallen by INR 500/mt ($6/mt) to INR 47,000/mt ($560/mt) ex-Chennai in the south.
Rebar trade prices have lost INR 500/mt (46/mt) to INR 41,000/mt ($488/mt) ex-Raipur and are down INR 400/mt ($5/mt) to INR 41,100/mt ($489/mt) ex-Durgapur in the east.
“There is a lot of volatility in the market but the overall trend is negative. Western region prices gained ground largely as a correction as they had fallen too sharply earlier. But this is unlikely to be sustained as the overall weak fundamental demand will weigh in on the market,” a Kolkata-based distributor said.
“Some induction furnace operators attempted to increase prices, taking advantage of the pace of fall in prices easing, but were heard to have quickly rolled back the hikes as buyers were retreating after enquiries. The market conditions are such that no price increase will be accepted,” he said.
$1 = INR 84.00