The induction furnace re-bar market remained subdued for the second day in a row owing to both weak buying enquiries and limited trading in the spot market. Prices declined in the range of INR 100-500/t d-o-d in most regions. However, in a few other markets TMT sellers chose to keep offers stable and adjust trade prices and discounts as per market requirements. Weak semi-finished steel prices since the last couple of days are impacting spot trading activity in TMT and also pressuring sellers to adjust prices, sources reported.
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