The induction furnace re-bar market witnessed weak buying enquiries and trading activity resulting in a drop in prices by INR 100-400/t on 6 Sept’21, as per SteelMint reports. While manufacturers in a few locations chose to keep offers stable in the hope of improving transactions, they were ultimately forced to offer trade discounts. Weak sentiments in the semi-finished steel markets and seasonal rainfall in some states were the major factors behind slow spot trading today. Higher inventories are also putting pressure on re-bar prices.
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