Posted on 18 Jul 2024
Indian domestic rebar prices in the primary market have corrected by INR 1,000/tonne ($12) on-week amid ongoing slack demand in the infrastructure and construction sectors due to monsoons, notes Kallanish.
The price for Fe 550D grade rebar of size 12-32mm is heard quoted in the range of INR 54,000-55,000/tonne ($645-660) across different cities.
Buyers are negotiating for lower rates amid reduced demand and sufficient supplies, while a few primary producers are ready to give big discounts, inform market participants.
In the case of the secondary market, prices have seen a decline of INR 200-400/t ($2-5) on-week. Fe500 grade, 12-25mm sized rebar is heard offered at INR 46,000-47,500/t ($550-570) across different cities.
Spot market activity in the secondary segment remains sluggish, with buyers making only need-based purchases.
The upcoming budget for the 2025 fiscal year is to be announced next week and is expected to focus significantly on infrastructure. Investments in highways, seaports, airports, railways, urban connectivity, and smart cities are set to receive substantial funding.
In a very recent update, Gujarat’s state government has allocated INR 1,470 crore ($18 million) to upgrade 688km of road infrastructure in industrial and quarry areas.
This initiative aims to enhance connectivity and economic efficiency across the state and will boost rebar demand in the state after the monsoons.
Source:Kallanish
