India: IF grade re-bar prices decline by up to INR 300/t

The induction furnace (IF) route re-bar market observed limited buying enquiries today. TMT prices declined marginally by INR 100-300/t d-o-d, SteelMint assessment shows. In most of the major markets, manufacturers preferred to keep offers stable and floated trade discounts depending upon requirements and booking volumes. Limited transactions in re-bar steel in the last couple of days is encouraging sellers to keep offers stable despite slight the downtrend in semi-finished steel prices today – varying from region to region. Prices in the near term are expected to remain rangebound, sources said.