Indian re-bar prices have corrected further by Rs 300-400/t across India on poor buying sentiments and falling steel futures. To some extent falling global steel prices are also adding selling pressure.
Indian re-bar prices touched 8-months low, these levels were seen in November 2011.Though market traders say that prices have almost bottomed out and there is limited scope of further correction.
Re-bar prices at Raipur being offered at Rs 34300-400/t (12mm,Basic, Ex-Works) down by Rs 300/t from yesterday's offer.
Re-bar prices in Chennai and Hyderabad kept same on power cuts and low production.
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