Major mills in western India reduce rebar prices by up to INR 1,000/t d-o-d

Major steel mills based in Mumbai and Jalna in western India slashed induction furnace (IF)-route rebar prices by up to INR 1,000/t d-o-d. The current offer for 10-25mm Fe 500 rebar stands at INR 65,200/t exw Mumbai, while the price is assessed at around INR 63,500/t exw in Jalna. Weak purchase enquiries and rising inventories at mills forced suppliers to reduce prices, SteelMint learnt from sources.