Indian rebar trade prices have showed mixed trends in a market lacking direction and a divergent outlook amid scarce trade activity owing to the festival holidays ahead, SteelOrbis learned from trade and industry circles on Tuesday, October 31.
Sources said that, while rebar trade prices have remained unchanged at INR 49,900/mt ($599/mt) ex-Mumbai, they have gained INR 600/mt ($7/mt) to INR 45,400/mt ($545/mt) ex-Raipur in the central region.
Rebar trade prices are quoted at INR 50,500/mt ($606/mt) ex-Chennai in the south and at INR 45,200/mt ($543/mt) ex-Durgapur in the east, but, since these two markets had remained closed earlier, a week-on-week comparison is not feasible.
“There is no definitive direction in the market. We do not know whether this can be attributed to the spate of prolonged festival holidays and the fall in business activity or the fundamental weakness in demand projection,” a Kolkata-based distributor said.
“Only previously booked materials are being lifted. There are no significant bookings either at the retail level and the mill end. We can only make an assessment of actual market conditions once business activity resumes in full towards the end of November,” he said.
$1 = INR 83.30
