Local Indian rebar trade prices have showed a mixed trend with a negative bias and bearish sentiment stemming from the hazy demand outlook and as micro-economic indicators are expected to impact key consuming industries, SteelOrbis learned from trade and industry circles on Tuesday, March 14.
Indian rebar trade prices have moved up INR 600/mt ($7/mt) to INR 56,600/mt ($698/mt) ex-Mumbai and are unchanged at INR 54,000/mt ($666/mt) ex-Chennai in the south.
Rebar prices have edged down INR 200/mt ($2/mt) to INR 50,600/mt ($624/mt) ex-Raipur in the central regional market and are up INR 400/mt ($4/mt) to INR 51,400/mt ($634/mt) ex-Durgapur in the east.
According to market intermediaries, prices were being supported by “decent bookings received by integrated mills” from large projects, but overall trade sentiments have remained weak owing to poor offtake from secondary induction furnace operators and the fall in retail sales.
“Prices will continue to remain volatile from uncertain demand projections. Market activity remains subdued as there are sufficient stocks available at each point with movement in retail slowing down week on week,” a Kolkata-based distributor said.
“There is a lot of pressure from mico-economic indicators like sustained inflation, high cost of bank funding, and costlier housing loans impacting residential sales. Producers are facing input cost pressures from energy and raw materials. The spectre of coal shortages as the summer months approach will further fuel inflation. Hence, we assess that the bearish sentiment will be prolonged,” he said.
$1 = INR 81.10
