Reinforced steel bar prices, also called rebars, have raised up ₹2,000 per tonne since last week on the back of active buying and improved spot demand. However, trade sources said, there has been some slowdown from Wednesday onwards with limited buying in select markets but prices have been stable at around ₹53,000–55,000 per tonne.
Price over the last few days all over Indian markets — Chhattisgarh, Delhi NCR, Mumbai, etc moved up between ₹300 and ₹1,100 per tonne on a day to day basis over the last few days. However, the rise in weekly price was sharper. Steel reinforcement bars (rebars) find usage in construction industry and are used to improve tensile strength of concrete as concrete has weak tensile strength.
Wednesday’s decline was assigned to sellers lowering their offers due to limited buying in the spot market and lower than expected enquiries. “Over the last few days, demand is supposed to have softened a bit. This resulted in a slight fall in offers across major locations,” Steel Mint said in a report.
Indian mills say dealers have been actively buying with around 6,000 tonnes being traded at Raipur earlier this week . Most buyers had been holding back their purchases as they were expecting a “further fall in prices”. Coal prices have also remained strong and not witnessed much volatility over the last few days, which has aided the segment.
