India: Secondary Rebar Market Observes Limited Trades
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Amid poor demand reported by traders & retailers, secondary rebar market in India has led to reduction in prices by INR 700/MT as per weekly analysis.
Factors to be considered as Liquidity Issue in market due to limited allocations of project works resulted in selling pressure and considerable Inventories in plants may result in further decline in prices in near term.
Ongoing government projects are getting on with narrow pace due lack of funds allocation in most of the regions and developers are holding back new work till the new government policies as per sources.
Central region medium plants offering trade discounts around INR 300-400/MT and North as well as South trade concluded with considerable gap of INR 600-800/MT against offering prices.
West Region (Maharashtra/Gujarat) is slightly better to other regions as average stock maintained in medium mills and Industrialists are not expecting any major amendments.
However if major mills raise offer for Feb'19, market dynamics are likely to change.
Trade Updates (12 mm)
-- North region based Rathi Steels current offering around at INR 37,900/MT.
-- Central region, Raipur based - SPEED TMT current offering around INR 34,800/MT.
-- Gujarat based Shreeyam Power & Steel Industries Ltd branding as National TMT current offering at INR 38,000/MT FoR.
-- Gujarat based, Mono Steel (India) Ltd. (Mono TMT) current offering around INR 38,000/MT FoR.
-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT slightly decrease their prices by INR 200/MT to INR 36,400/MT.
-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) slightly decrease their prices by INR 200/MT to INR 36,600/MT.
-- Mumbai based Guardian Castings Pvt. Ltd. (Guardian TMT) slightly decrease their prices by INR 200/MT to INR 37,000/MT.
-- Shakti Ferro Alloys in Chennai, (SSI TMT) unchanged their offering at INR 37,000/MT.
-- South region based �" VRKP Steel Industry Pvt. Ltd. �" (VRKP TMT) offering at INR 37,600/MT.
Note �" Prices mentioned above are ex-work, excluding GST & changes are day basis.
