India: IF re-bar prices still stable in major Indian markets

Induction furnace (IF) grade re-bar prices remained stable in most major locations in India today, SteelMint assessment shows. However, in a few markets prices dropped by up to INR 300/t d-o-d owing to limited demand and spot trading activity. As per market participants, in a bid to dispose pending orders and dispatches, some producers have chosen to keep offers stable despite limited enquiries and transactions at current prices. Weak semi-finished steel prices and limited deals recorded for re-bar indicate that a marginal correction in prices could happen in the short term, although that is to likely to vary from market to market, sources said.