India: IF grade rebar prices down by up to INR 500/t ($7)

Induction furnace grade rebar prices declined by INR 100-500/t d-o-d in most of the major markets, SteelMint assessment shows. Lack of buying enquiries and subdued trade in the spot market are major factors behind the fall in rebar prices. Manufacturers have had to reduce prices as per market requirements, it was reported. However, a minor improvement in demand since the last couple of days may keep prices rangebound in the near-term, sources expect.