An uptrend in the local Indian rebar market has gained widespread traction as large mills have pushed up prices and is supported by steady project procurement coupled with a revival in bookings at the retail level, leading to regional markets being impacted positively in terms of both price and traded volumes, SteelOrbis learned from trade and industry circles on Tuesday, February 25.
Sources said that rebar trade prices are up INR 800/mt ($9/mt) to INR 48,800/mt ($563/mt) in the major trading hub of Mumbai riding on the back of large bookings by engineering procurement, construction (EPC) companies. However, in the southern region, the price has been maintained at INR 46,000/mt ($531/mt).
Rebar trade prices are up INR 600/mt ($7/mt) to INR 43,000/mt ($496/mt) ex-Raipur and have gained INR 400/mt ($5/mt) to INR 43,200/mt ($498/mt) ex-Durgapur in the east, on renewed buying from sectors like real estate developers and semi-urban construction.
“The uptrend was triggered by BF operators supported by project buyers and this has now been followed up by the return of smaller medium and small-scale users in sectors like real estate and urban infrastructure. The sustained buying supported both BF and IF operators to push up the price line,” a Kolkata-based distributor said.
“Rebar trade prices will hover around the current levels going forward and may risk even a slight downtrend once large buyers complete their restocking,” he added.
$1 = INR 86.70