Major private mills in western India slash rebar prices by up to INR 1,500/t

Low demand continues to weigh on rebar prices in the Indian domestic market, as per SteelMint reports. A major private mill in Gujarat, Mono Steel, has reduced its rebar offers by INR 1,200/t to INR 49,150/t (12 mm), FoR Ahmedabad. Maharashtra, Jalna-based mills have also slashed rebar (10-25 mm) offers by INR 1,200-1,500/t to INR 49,000/t, exw and excluding GST. Sources believe rebar prices will remain under pressure as inventories are rising with mills. In addition, export bookings, even those by the primary steel mills that offer BF grade rebar, are heading south.