India: IF grade rebar prices remain rangebound across markets

Induction furnace route rebar prices remained rangebound in most of the major markets on 9 Jun’21, while manufacturers in Mumbai increased prices by up to INR 400/t owing to improved trades and spot buying enquiries. In most other markets, manufacturers preferred to keep offers stable and adjusted prices as per required quantity and payment terms because in the current market scenario reducing offers for rebar might not attract buying interest, as per sources. Going forward, prices on a daily basis could fluctuate depending on billet prices, sources said.