The Indian induction furnace rebar market witnessed limited trading today in the major supply regions. However, prices remained strong and, in some markets, increased by INR 100-400/t d-o-d, SteelMint assessment shows. Higher raw material costs prompted rebar sellers to keep their prices strong despite limited buying enquiries. A few markets in the western region observed slight improvement in spot trading today which may support rebar prices in the short-term. It is believed that in other regions, rebar prices would hinge on movements in prices of steel billets, sources told SteelMint.
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