Local Indian rebar prices have showed a mixed trend over the past week, with a slight negative bias after buyers reduced booking volumes, while distributors in some regions offered discounts to overcome the slowdown in market activity, SteelOrbis learned from trade and industry circles on Tuesday, April 14.
Sources said that rebar trade-level prices have been maintained at INR 54,000/mt ($580/mt) ex-Mumbai, but have lost INR 500/mt ($5/mt) ex-Chennai in the south.
Rebar trade prices are down INR 1,000/mt ($11/mt) ex-Raipur but are stable at INR 47,700/mt ($512/mt) ex-Durgapur in the east.
According to the sources, a slight easing of the recent supply tightness and a slowdown in booking volumes caused some secondary mills and distributors to offer discounts to support the pace of stock movement.
“Mills have been very aggressive in going in for repeated price hikes within a short span and the reaction in the market is expected. Buyers are very cautious. Even large buyers representing engineering construction procurement (EPC) companies have withdrawn, resulting in low trade activity,” a Kolkata-based distributor said.
“Input cost pressures are expected to sustain. The long products market can go in either direction from current levels, depending on how buyers react,” he added.
$1 = INR 93.14
