JSW steel and Vizag steel both raised their rebar prices by Rs1,000/mt this week for February deliveries. Other primary mills increased prices by 500-1,000/mt. Mills had previously increased rebar prices by Rs1,000/mt at the minimum, in January.
Rebar prices at present are at Rs39,500-40,500/mt ($554.23-568.26/mt) ex-works Mumbai.
Input costs remained firm
India’s state owned NMDC increased prices of iron ore – lumps and fines by Rs400-600/mt twice in January.
NMDC prices for iron ore fines (64pc, -10mm) and lump ore (65.5pc, 6-40mm) are now at Rs 2,910/mt and Rs. 3,200/mt respectively. The company is yet to revise prices for Feb.
Premium low vol coking coal prices are at $154/mt fob Australia which were at $152/mt in January end.
Steel companies are expecting strong demand from infrastructure projects announced in the recent union budget in medium-to-long term.