India: IF grade re-bar prices slide as trade sentiments soften

Induction furnace (IF) grade re-bar prices fell by INR 100-700/t (d-o-d) on 18 May’21 in major Indian markets, as per SteelMint reports. Limited buying interest was the outcome of traders unwilling to procure large volumes at high prices. Correction in semi-finished steel prices, too, pushed manufacturers to slash re-bar offers. However, in a few specific markets across regions sellers kept their offers stable and adjusted discounts as per market requirements. Prices are expected to come under pressure in the near term, especially in the Western region, SteelMint gathered from sources.