The local Indian rebar market has bounced back into the positive zone with trade prices recording gains riding on strong restocking, the rise in prices of semis, and large tender-based purchases by engineering, procurement, construction (EPC) companies, SteelOrbis learned from trade and industry circles on Tuesday, August 16.
Indian rebar trade prices are up INR 800/mt ($10/mt) to INR 56,100/mt ($703/mt) ex-Mumbai and stable at INR 57,000/mt ($714/mt) ex-Chennai in the south.
Rebar trade prices have gained INR 500/mt ($6/mt) to INR 57,000/mt ($714) ex-Durgapur in the east and are stable at INR 54,100/mt ($678/mt) ex-Raipur regional market.
According to trade circles, a number of the largest EPC companies concluded tender-based supply contracts with integrated steel mills to restock ahead of planned increased construction activities at ongoing projects with the monsoon rains abating in parts of the country.
They said that retail bookings by real estate developers have also been reported to be very positive by secondary induction furnace operators, leading to overall buoyant sentiments in the local long products market.
$1 = INR 79.80