The local Indian rebar market has showed mixed trends with prices recording some gains in major trading hubs, riding on a slight revival of bookings from large construction companies, but weak prices have been reported from regional markets as retail buyers continue to stay away, SteelOrbis learned from trade and industry circles on Tuesday, December 17.
Sources said that trade rebar prices have gained INR 400/mt ($5/mt) to INR 46,900/mt ($552/mt) ex-Mumbai, but have lost INR 200/mt ($2/mt) to INR 45,800/mt (539/mt) ex-Chennai in the south.
Rebar trade prices are up INR 900/mt ($11/mt) to INR 42,300/mt ($498/mt) ex-Raipur, but have lost INR 200/mt ($2/mt) to INR 40,000/mt ($471/mt) ex-Durgapur in the east.
According to the sources, the somewhat diverse trends were owing to booking support from large construction companies seen in the larger trading hubs, but retail buying by sectors like real estate has continued to remain tepid, resulting in weaker prices in small trading regions.
“Large mills are attempting to push up prices riding on the back of a slight revival of bookings by larger consumers. But induction furnace operators are still struggling and pushing volumes in the market at discounts as demand in the unorganized retail sector remains weak, resulting in no clarity of trends,” a Kolkata-based distributor said.
“The market will continue to hover within a narrow range in the coming days as the overall demand outlook is negative,” he said.
$1 = INR 84.90