The latest increase, effective from November 7, 2023, sees steel bar prices rising by up to Rs5,000 per ton. As of this revision, retail prices now fall within the range of Rs266,000 to Rs272,000 per ton, as reported by JS Research.
This is the second time in one week that steel rebar prices in the domestic market have been revised upwards.
To put this into perspective, just a week prior, on October 31st, steel rebar prices were in the range of Rs259,000 to Rs264,000 per ton.
This sudden and significant price hike could be attributed to various factors, including potential disruptions in the procurement of raw materials and fluctuations in the rupee-to-dollar exchange rate.
It's worth noting that the rupee-to-dollar exchange rate has experienced an 11-day consecutive decline, with rates hovering in the Rs283-286 range on Tuesday, following a peak of Rs285 in the previous session.
These factors collectively contribute to the current challenges in the steel market, leading to these price increases.
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