The long product steel prices are in for a reprieve as the prices have shown resilience with the culmination of monsoon as buyers return to the market. It is reported that some re rollers in western region are working together to push the prices against odds.
The prices had hit the floor in end July after month on month debacle and the only obvious choice was to revive as the producers had to push the price or perish crumbling under surmounting losses. Moreover 3rd quarter is typically the onset of brisk construction activity flavored with festivals in India.
The price improvement has been up to 5% in Pencil Ingot and 6% in TMT in last 7 days.
Pencil Ingot
Location Change
Mumbai 2%
Mandi 4%
Raipur 5%
Kanpur 1%
Kolkata 2%
Ghaziabad 4%
Muzzafarnagar 5%
Ahmedabad 2%
Change is on September 14th as compared to September 7th 2009
Change is in INR per tonne
TMT
Fe 415
12mm
Location Change
Chennai 1%
Mumbai 2%
Mandi 4%
Kolkata 6%
Delhi 1%
Kanpur 1%
Ahmedabad 1%
Indore 2%
Change is on September 14th as compared to September 7th 2009
Change is in INR per tonne
The inflationary trend is expected to pick up in the coming month as construction activity picks up both in the urban and rural sector fuelled by state funded housing and employment generation projects viz, NREGA etc.
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(Sourced from www.steelprices-india.com)
Monday, September 14, 2009
Long steel product market warms up India
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