India: IF grade rebar prices continue to decline on weak demand

Induction furnace (IF) grade rebar prices declined by up to INR 800/t in most of the major supply centres in India on 19 May’21, SteelMint assessment shows. Subdued demand and trade activities in the spot market as well as weak semi-finished steel prices resulted in a drop in rebar prices across regions. While buying enquiries could improve slightly, prices will depend entirely on the cost of raw materials, sources said.