The local Indian rebar market has continued to show mixed trends, with price stable in major trading centers while losing ground in regional markets in absence of any positive driver and with buyers both bulk and retail largely cautious in concluding bookings, SteelOrbis learned from trade and industry circles on Tuesday, January 7.
Sources said that rebar trade prices are stable at INR 47,300/mt ($551/mt) ex-Mumbai and also unchanged at INR 45,800/mt ($534/mt) ex-Chennai in the south.
However, in contrast rebar trade prices are down INR 400/mt ($5/mt) to INR 41,800/mt ($487/mt) ex-Raipur in the central regional market and are down INR 200/mt ($3/mt) to INR 40,500/mt ($472/mt) ex-Durgapur in the east.
According to the sources, while large integrated mills reported engineering procurement construction (EPC) companies are absent from the market, secondary mills claimed that buyers have been unwilling to make bookings in the absence of any definitive price trend and have preferred to wait and watch.
“Some sellers are adopting discretionary trade discounts and credit terms depending on customer to customer to drive sales and maintain cash liquidity as the fiscal year-end draws to a close. But still trading at the retail level is very low,” a Kolkata-based distributor said.
“Our assessment is that rebar trade prices will continue to move within a narrow range as there are no positive drivers and the demand outlook is on the weaker side,” he said.
$1 = INR 85.80