Local Indian rebar trade prices have continued to show wide variations across regions with a largely negative bias from the uncertain market trend and unpredictable weather conditions in the southern parts of the country, SteelOrbis learned from trade and industry circles on Tuesday, September 13.
Indian trade rebar prices are down INR 1,000/mt ($13/mt) to INR 54,500/mt ($686/mt) ex-Mumbai, but remained at INR 55,500/mt ($698/mt) ex-Chennai in the south.
Rebar trade prices are reported at INR 51,400/mt ($647/mt) ex-Raipur in the central regional market, up INR 700/mt ($9/mt), and are down INR 2,000/mt($23/mt) to INR 52,000/mt ($654/mt) ex-Durgapur in the east.
“There is no discernible pricing strategy evident among induction furnace operators. Coupled with the vagaries of weather, deferment of construction activity is leading to very unpredictable market movements, forcing buyers to take a pause,” a Kolkata-based long product distributor said.
“We expect the current trend to persist. In fact, trade activity is expected to fall ahead of the festival holidays later this month. Business activity and a demand upturn can only be expected from late November onwards, once weather conditions become favourable for construction to gain momentum,” he said.
$1 = INR 79.50