Induction furnace grade rebar manufacturers in major markets have reduced their prices by INR 100-400/t d-o-d, as per SteelMint reports. Low buying enquiries and lower-than-usual spot trading have resulted in a downtrend in prices. According to sources, traders have turned cautious on continuously falling prices amid seasonal slowdown in the construction industry and are not willing to book hefty volumes at present. Traders are willing to book only as per market requirements, sources informed. As inventories keep piling up at mills, rebar prices are likely to remain under pressure.
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