In rare turn of events rebar and wire rod price exhibited uptick today. There was overall improvement in price levels across the country signaling a break from downtrend reminiscent in the last quarter. Long steel price levels had been worst affected recently and more so in September declining by 3%. Slow demand from the construction and infrastructure sector saw slow demise of demand from this sector. Tight credit has been the main reason for the lack of activity and demand of steel from this vital sector.

Although it would be hard to impute reason to one day wonder if at all it is except that market dynamics tried to correct itself after massive shedding recently.

It would be of avid interest to watch further developments during the course of the week and before the National Holidays (1st-7th Oct) whether the present momentum is sustained or flash in the pan. �

Change on 15th September 2014 as compared to 12th September 2014

WRC

6.5mm

Common

Change on 15th September 2014 as compared to 12th September 2014