Prices of rebar produced via the induction furnace (IF) route continued to slide today by INR 100-600/t except in a few specific markets in southern India, as per SteelMint reports. Limited buying inquiries and billet prices in free fall pushed manufacturers to reduce their offers. However, in a few markets, sellers kept their offers unchanged, while extending trade discounts depending on demand in the spot market. IF grade rebar prices in the near term are expected to remain under pressure, as per sources.
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