The local Indian rebar market has showed mixed trends, but in some areas prices have continued to drop and trading volumes have remained low due to prolonged weakness of demand, SteelOrbis learnt from trade and industry circles on Tuesday, July 30.
Indian rebar trade prices have slumped by INR 1,600/mt ($19/mt) to INR 44,400/mt ($530/mt) ex-Mumbai, but have remained stable at INR 47,500/mt ($568/mt) ex-Chennai in the south.
Rebar trade prices have similarly remained stable at INR 41,700/mt ($498/mt) ex-Raipur but have gained INR 500/mt ($6/mt) to INR 42,000/mt ($502/mt) ex-Durgapur in the south.
According to the sources, the market has lacked direction with prices losing ground sharply in major hubs, while they have been comparatively stable in regional markets.
“All kinds of prices are being reported from the market. Sellers including distributors and secondary mills are quoting widely differing prices depending on their respective inventory pressures. Buyers for their part are tending to defer bookings during the overall demand uncertainties and the usual lull during the monsoon season,” a Kolkata-based distributor said.
“But we do not see any demand uptick in the medium term. Large buyers from the engineering procurement construction (EPC) sector are slowing down project implementation and thereby depressing long product demand, while local governments are fund-stressed and rural and urban projects are being delayed,” he said.
$1 = INR 83.70