Induction grade rebar prices gained up to INR 700/t on a d-o-d basis today in most of the major markets, owing to rising cost of billet. However, trade activities and buying inquiries for rebar steel remained weak in all regions. Following which, the manufacturers in a few markets of Western and Northern regions either reduced their offers or kept it stable as per the market requirement and prices in other competitive markets. Rebar prices in the near term are expected to remain supported by raw material cost, sources told SteelMint.
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