Ongoing lockdown restrictions in many Indian cities are impacting demand for, as well as trade of, IF grade rebar in major supply regions of the country. Most manufacturers are reporting limited buying enquiries. Uncertain market movements in semi-finished steel have turned traders cautious and bookings were reported only as per strict market requirements. Rising inventories with mills and downward trend in raw material costs may keep rebar prices under pressure in the near term, especially in the western region. Prices declined by up to INR 800/t on a daily basis, SteelMint assessment shows.
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