The induction furnace grade rebar market remained quiet today in terms of spot trading activities and buying inquiries. In most of the major supply locations, prices dropped further by INR 100-800/t d-o-d. As per sources, continuously falling semi-finished steel prices have weakened the demand for rebar because traders are not willing to procure amid bearish market sentiments. Prices in the near-term are expected to remain weak owing to high inventories at mills putting selling pressure on manufacturers, sources reported.
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