Induction furnace route rebar markets witnessed limited buying enquiries on 30 Jun’21, while prices fluctuated by INR 100-300/t d-o-d in major markets, SteelMint assessment shows. However, a few manufacturers kept rebar offers stable and offered trade discounts as per market requirements. Sources informed that bearish sentiments and soft demand were pressuring rebar manufacturers to reduce production by up to 30%, especially in markets clustered around the western region. Near-term rebar prices may continue to remain weak, as per sources.
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