Indian steelmaker Rashtriya Ispat Nigam Limited (RINL) has hiked rebar prices by Rs500/mt ($7/mt) for sizes 16-36mm effective Aug 27, as per sources. The price increase is attributed to a pick-up in demand largely from the projects segment along with a short supply of finished steel in the market.
In early August, the company had raised rebar prices by Rs1,500/mt ($20/mt) and wire rod by Rs1,000/mt ($14/mt). On Friday, rebar offers are at Rs50,000-50,500/mt ($677-683/mt) ex-Vizag, according to Vizag-based dealers.
Earlier on Aug 25, the company supplied more than 30,000mt TMT rebars to Nagpur Maha Metro projects for construction of Freedom Park Zero Mile Metro station.
RINL has three blast furnaces each with an installed capacity of 7,500mt per day or 2.5mn mt annually.
($1=Rs73.92)