Indian re-bar market remains dull as monsoon hits across major cities

Monsoon hits major parts of India, which will further slower down the construction activities and also demand for re-bar.

TMT 8mm in Durgapur was being offered at 43,700/MT i.e. marginally up from the last trade.
According to market players, “Long product market looks  gloomy. But demand is moderate and prices may not fall sharply in the coming
days.”

In Indore, booking
of 400-500 MT was seen on Saturday
& Monday. But no major trade has been noticed in last two days. Offers were kept unchanged.

Traders are of
the view that prices might correct further in next one month as demand may not
recover soon. But sharp corrections are not seen. Manufacturers have limited their procurement of Ingot to need based
and expect market to revive post monsoon.