Indian state-owned steelmaker, Rashtriya Ispat Nigam Limited (RINL) has entered the Northeast market with the dispatch of its first rail rake of finished steel, including rebar, tweeted the company.
The company’s first batch of rebar has reached Guwahati Inland waterways siding at Pandu Port. Earlier, the company did not have much presence in these markets. The company aims to increase its sales in the region given the slew of upcoming infrastructure development projects.
The company is also planning to open a new stockyard at Guwahati in Assam in the northeast region.
RINL’s rebar sales are concentrated in the southern region with over 50pc of their total.
Chennai dealers believe most primary producers, including RINL, could raise rebar prices by Rs1,500-2,000/mt ($20-27/mt) in April. Presently, these mills have kept their rebar prices at Rs49,500-50,000/mt ($684-691/mt) in the Chennai market for 12mm in the retail segment.
($1=Rs73.4)