The induction furnace rebar market witnessed lack of transactions and purchase enquiries today. The decline in sponge iron and billet prices resulted in a correction of up to INR 600/t in rebar prices and in a few markets in the western and southern regions of the country where manufacturers kept offers stable. A few primary rebar producers hiked prices today by INR 1,500-2,000/t, SteelMint learnt from sources.
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