Local Indian rebar trade prices have continued to consolidate at higher levels riding on price increases by integrated and induction furnace mills, higher billet costs, and sustained moderate bookings received by retail trade channels, SteelOrbis learned from trade and industry circles on Tuesday, July 5.
Indian rebar trade prices are up INR 500/mt ($6/mt) to INR 54,400/mt ($689/mt) ex-Mumbai and up INR 2,000/mt ($25/mt) to INR 57,500/mt ($728/mt) ex-Chennai in the south.
In eastern regional market of Durgapur, rebar trade prices are reported at INR 53,000/mt ($671/mt), up INR 1,000/mt ($12/mt). The only decline was reported from the central regional market of Raipur where trade rebar prices edged down INR 750/mt ($9/mt) to INR 53,000/mt ($671/mt), the sources said.
“Producers, both blast and induction furnace operators, are increasing long product prices to absorb the higher costs of billets. They are helped by market conditions, which are seeing better-than-usual demand for construction grade steel during the current monsoon season,” a Kolkata-based distributor said.
“Sales at retail channels are also holding up as medium and small-scale real estate developers are pushing through the completion of ongoing projects and are restocking raw materials cautiously,” he said.
$1 = INR 79.00