India: IF grade rebar prices continue to move southwards

Induction furnace grade rebar prices declined further by INR 100-800/t in most of the major markets in India on 23 Jun’21, as per SteelMint reports. Dull demand for rebar and prevailing weak sentiments in the semi-finished steel market are believed to be dragging down prices thereby forcing manufacturers to reduce offers. However, in a few markets, sellers kept their offers unchanged and advanced trade discounts depending on the flow of spot buying inquiries. Prices in the near future are likely to remain under pressure, sources said.