Indian local rebar trade prices showed mixed trend over the past week with some gains heard in a few regional markets but overall sentiments remained negative with participants expecting conditions to remain muted in absence of fundamental demand revival, SteelOrbis learned from trade and industry circles on Tuesday.
Indian rebar trade price was up INR 500/mt ($7/mt) at INR 64,000/mt ($837/mt) ex-Mumbai and up INR 600/mt ($8/mt) at INR 58,600/mt ($766/mt) ex-Raipur in central regional market.
However, trade price was down INR 500/mt ($7/mt) at INR 63,000/mt ($824/mt) ex-Chennai in the south and down INR 1,000/mt($14/mt) at INR 61,000/mt ($797/mt) ex-Durgapur in the east.
“Despite some induction furnace operators attempting to push up prices to compensate for rising energy costs, the market continues to have a negative bias indicated by varied trends across regions in absence of holistic demand growth,” an official with the eastern region’s largest secondary mill said.
“Bookings with secondary mills and trade channels continues to be low and sporadic price rise heard in regional markets are cost driven and unlikely to sustain in absence of demand consolidation,” he said.
Exchange rate: $1= INR 76.50
