The induction grade rebar market remained weak in terms of trades and buying inquiries today as well. Despite this, in most of the major markets the rebar manufacturers kept their offer stable to clear previous orders’ dispatches as they have sufficient future bookings in hand. However, in a few markets like Durgapur (Eastern region) and Hyderabad (Southern region), lack of trades in the market prompted sellers to reduce their offer by up to INR 500/t d-o-d. Near term rebar prices may see minor corrections following decreasing semi-finished steel prices from the last couple of days and lack of spot trades in rebar steel, sources shared.
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