OfBusiness Secondary TMT Dailies | 7th July 2023

Prices

• The market opened today with the same rates as yesterday’s closing. The current operating prices for secondary TMT in some regions are as follows:
  • Ex-Raipur: Rs. 46,800/ton
  • Ex-Delhi: Rs. 50,800/ton
  • Ex-Ahmedabad: Rs. 49,150/ton
  • Ex-Mandi Gobindgarh: Rs. 51,600/ton

Demand and Supply

• The demand for secondary TMT is progressively increasing every day. The current market price for secondary TMT is low, which is attracting a lot of buyers for both project and retail orders. There are no supply issues in the market as plants have optimal stock and a continuous rolling plan to meet urgent supplies.

News

• SBF Rapid Industries has announced plans to establish a mild steel billet manufacturing facility in the Alwar district of Rajasthan with an annual capacity of 356,400 tonnes.
• Today, ESL Steel Limited will hold an auction for 10,000 tonnes of Iron Ore CLO (5mm to 18mm, Fe 60%) and 10,000 tonnes of Iron Ore CLO (10mm to 40mm, Fe 61%).

OFB’s Opinion

• Secondary TMT manufacturers are currently offering very stable pricing, attracting many buyers due to the low rates and smooth supply. The market is expected to rise in the next week due to increased demand in the last 7-10 days. It seems to be the best time to buy secondary TMT now, considering the low prices and smooth supply. The demand has already been on an uptrend since last week and is expected to rise further this month due to more stable pricing and a substantial gap from primary sources.