India: IF grade rebar prices decline for third day in a row

The induction furnace grade rebar market remained subdued today both in terms of spot trading activity and buying enquiries. Rebar prices declined on the third consecutive day on 9 Jun’21 by INR 100-600/t in the major supply locations, SteelMint assessment shows. In a few locations, however, producers preferred to keep offers stable and provide discounts. Volatile semi-finished steel prices as well as limited activity at construction sites are pressuring rebar prices. In the near term, sources expect rebar prices to witness minor fluctuations.