India: Mumbai based mills further reduces rebar offer by INR 500/t ($7)

Mumbai based induction grade rebar manufacturers have further reduced their offer by INR 500/t. The current rebar offer for 10-25 mm size stands at INR 42,500/t exw. This is the third price drop in this week and so far INR 1,500/t have been reduced w-o-w. Weak demand and price drop in other competitive markets resulted in decrease in rebar offers, trade participants reported to SteelMint.