India: IF re-bar prices remain subdued on weak demand

Induction furnace re-bar prices declined by INR 100-400/t on 27 Aug’21 across most locations. However, in a few markets, TMT manufacturers preferred to keep prices stable, offering trade discounts depending upon buying enquiries. As per market participants, owing to weak sentiments in raw material prices (sponge iron), re-bar traders remained cautious. Instead of buying bulk volumes they procured limited quantities, as per requirements. In the short-term, re-bar prices are expected to remain weak or fluctuate marginally depending on steel billet prices, SteelMint notes.