The recent consolidation in the local Indian rebar market took a pause over the past week with prices showing mixed trends, with slight losses and stability across various regions, SteelOrbis learned from trade and industry circles on Tuesday, August 9.
Indian rebar trade prices have edged down INR 300/mt($4/mt) to INR 55,300/mt ($692/mt) ex-Mumbai and down INR 1,000/mt ($13/mt) to INR 57,000/mt ($713/mt) ex-Chennai in the south.
However, prices have remained stable at INR 56,500/mt ($707/mt) ex-Durgapur in the east and are marginally up INR 300/mt ($4/mt) to INR 54,100/mt ($677/mt) ex-Raipur in the central regional market.
Trade circles have attributed the different trends to variations in rainfall across geographies and the varied impact on resumption of construction activities, while the outlook for demand and prices has remained positive as the monsoon season is expected to end from next month onwards.
“The pause in buying is not a big concern and market activity will bounce back. Secondary mills will be in a better position to attempt to push up prices towards the end of the month, once bookings from large projects increase,” a Kolkata-based distributor said.
“Real estate developers are reporting strong advance receivables from housing customers in ongoing projects. The resultant improved cash flow of developers will enable them to restock raw materials at higher prices,” he said.
$1 = INR 79.90