Business Reporter

 

 

On expected lines, the prices of locally produced or secondary steel TMT bars have witnessed a rise of about 7-8 per cent in the last one week. On Friday, 8 mm steel TMT bar prices were sold at Rs 48,000 per tonne (Plus 18 per cent GST extra) in the local markets. Similarly, 10 mm and 12-25 mm TMT bars were sold at the prices of Rs 47,000 (Plus 18 per cent GST extra) and Rs 46,500 (Plus 18 per cent GST extra) in the local markets. Usually steel TMT bar prices start rising from the month of November every year with the pick-up in economic activity and demand. It is important to note that the prices dipped before Diwali when the markets witnessed fall in demand. In the current scenario, the prices have gone up by 7-8 per cent from its recent low recorded in the month of September. “The steel TMT bar prices are expected to rise gradually in the following months on account of rising demand for the commodity,” said Alok Agrawal, Director of Mahalaxmi Trading Corporation. Agrawal said the steel prices will also rise in the international markets on account of various geopolitical reasons. China is buying a huge quantity of steel due to which demand for the commodity has gone up significantly and so are the prices. “It seems that the prices may further rise and the market is likely to witness improvement in demand,” said another steel dealer. Some of the market observers believe that the Israel-Iran war has threatened the steel supply in the Middle East, which could impact prices in the international markets.