India: IF rebar prices weaken further on dull demand

Induction furnace rebar prices declined by INR 200-600/t, d-o-d, except in the western region and in a few markets in north and south India. Rebar trade and demand have been impacted by higher prices, thereby pressuring sellers to lower offers. In the western region, manufacturers kept prices stable, owing to adequate previous bookings. Prices are expected to fluctuate marginally depending on billet price movements.