Local Indian rebar prices have showed mixed trends across regions over the past week, with signs of the market losing steam with large buyers from constructions sectors seen to be reducing activity and retail buyers becoming cautious after the recent sharp uptrend, SteelOrbis learned from trade and industry circles on Tuesday, February 17.
Sources said that rebar trade prices have remained unchanged at INR 50,000/mt ($551/mt) ex-Mumbai, but have gained INR 500/mt ($6/mt) to INR 49,500/mt ($546/mt) ex-Chennai in the south.
However, rebar trade prices have slipped INR 300/mt ($4/mt) to INR 44,900/mt ($495/mt) ex-Raipur and are down INR 200/mt ($2/mt) to INR 45,500/mt ($502/mt) ex-Durgapur in the east.
According to the sources, the rebar market had been rising too rapidly over the previous few weeks amid aggressive price hikes by mills and now buyers are cautious and are reducing activity.
The cooling down of the market is welcome and some stability will instill more confidence among buyers, the sources added.
“Some sellers in regions are extending payment terms or offering small discounts to get booking confirmed. We do not see a big correction ahead, but the cooling of the market and some slowdown is good for long-term stability and reduced volatility,” a Kolkata-based distributor said.
