Local Indian rebar prices have showed a mixed trend with a negative bias amid the slow resumption of business activity after the festival holidays, with buyers resorting to need-based bookings, while induction furnace operators are facing a slight increase in inventories and so have been pushing sales at lower prices, SteelOrbis learned from trade and industry circles on Tuesday, November 5.
Indian trade rebar prices have moved down slightly by INR 100/mt ($1/mt) to INR 47,100/mt ($560/mt) ex-Mumbai, but have remained stable at INR 47,000/mt ($559/mt) ex-Chennai in the south.
Rebar trade prices are reported at INR 42,300/mt ($503/mt) ex-Raipur, down by INR 400/mt ($5/mt), and at INR 41,400/mt ($492/mt) ex-Durgapur, down INR 800/mt ($9.5/mt).
“The strong bullish sentiment seen ahead of the festival holidays has faded as it was based on speculative activity. Now the market is more realistically based on fundamentals. Here, demand from real estate developers and smaller rural and semi-urban construction companies remains weak and this is weighing on the rebar market,” a Kolkata-based distributor said.
“Prices, hence, will remain under pressure, particularly impacting secondary furnace operators rather than integrated mills more dependent on supplies to large construction projects funded by the government, where demand is comparatively more stable,” he said.
$1 = INR 84.11
