Trading in induction furnace (IF) re-bar steel remained weak today, with prices fluctuating to the tune of INR 100-300/t, d-o-d, in most markets, as per SteelMint reports. Lack of buying enquiries and subdued trade in the spot market resulted in the decline in re-bar prices. Besides, weak semi-finished steel prices lowered re-bar transactions that pressured manufacturers to adjust trade prices. Rising inventories in a few markets in the western region indicates that near-term prices may remain subdued, while fluctuating in other regional markets across the country, sources shared.
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