|Rebar TMT QST prices purge in South India - 17 Aug, 2010|
Week 33rd opened on a feeble note in South India for TMT prices. Prices plummeted by 1% to 3% across locations.|
The mayhem peaked in Hyderabad by INR 1000 per tonne in tune with its chameleon characteristics. Andhra Pradesh with its political uncertainty over Telangana has become the epicenter uncertainty in commercial activities. The market forces have receded yielding to extraneous factors like bundhs, agitation etc. The ensuing turmoil has taken its toll opening of new projects by the state government.
With most of existing projects on the verge of culmination with barely any replacement demand is sapped. Likewise requirement from the reality sector is residual and speculative.
Change is on Aug 16th 2010 as compared to August 13th 2010
The vital regions of Chennai and Bangalore too has been exhibiting decline in prices despite desperate measures by re rollers and primary manufacturers to give a cosmetic touch up by rolling over July prices in August.
About a month back the prices had shown improvement primarily pushed by re rollers to force the pace as a survival ploy. One of the main propellants of this price hike had been acute power shortage leading to power rationing and hike in power tariffs.
Apart from these factors a rather tactful price roll over by primary manufacturers to offload their burgeoning inventory at the cost of secondary producers came out to be a cropper.
It is learnt that with price differential of barely INR 1500 per tonne to INR 2000 per tonne between the two even the natural tendency to switch sides from secondary to primary is not giving desired dividends for them.
On the input side despite soaring international scrap levels there is barely any buying taking place in India since there is no demand for downstream products hence most of the furnaces are compelled to maintain about 50% capacity utilization.
However September is expected to be auspicious as the post monsoon phase will lead to increased activity. Moreover the international hike in prices will certainly afflict the domestic market as input costs bloat pushing the downstream prices.
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