Induction furnace grade rebar prices declined further by INR 100-500/t d-o-d in the major supply regions of the country, as per SteelMint data. A sharp fall in semi-finished steel prices by up to INR 950/t seemed to have affected spot trading activities for rebar in the market. Continuously falling prices turned traders wary as they kept delaying procurements. However, the slowdown in construction activities also resulted in prices declining fast. Going forward, rebar prices are likely to remain weak, sources said.
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