Tier-1 mills undertook production cuts to restore some supply-demand balance. The longs index rose a minor 0.50% w-o-w because of lesser inventory pressure on tier-1 mills, although trade-level prices of blast furnace (BF) rebars dropped w-o-w amid slow buying interest. The current week’s trade-level BF rebar prices dropped by INR 200/t ($2/t) w-o-w to INR 51,600/t ($623/t) exy-Mumbai. In the projects segment, prices hovered at around INR 49,500-50,000/t ($597-603/t) FOR Mumbai, down by INR 500/t ($6/t) against last week’s levels.
