Induction grade rebar prices sharply declined by INR 500-1,000/t d-o-d in major markets of Western India, while in other regions manufacturers slightly adjusted their offers considering factors such as cost of billet and price parity with other competitive markets. However demand for rebar steel remained weak across the regions due to lockdown restrictions and migration of workforce which affected construction activities. Prices in the near term may depend on the movement of raw material cost, sources reported to SteelMint.
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