India: IF-route rebar prices supported by higher raw material costs

Induction furnace rebar prices increased by INR 100-800/t d-o-d except in major supplying markets of western India, SteelMint’s assessment shows. Increasing sponge iron prices following rise in semi-finished steel prices compelled manufacturers to raise rebar prices. In addition, production cut at mills across the regions was also a factor which supported rebar prices. However, trading activity and buying enquiries remained weak and manufacturers saw dull demand in most of the regions. Prices in the near term could witness slight fluctuations depending on billet price movements, SteelMint notes.