India: Secondary mills’ rebar prices decline on weak buying interest

Induction furnace grade rebar prices declined by INR 100-400/t d-o-d in most of the major supply regions in India, SteelMint assessment shows. Dull demand for rebar and consistent fall in semi-finished steel prices since a couple of days prompted manufacturers to reduce offers. However, in a few markets, sellers kept their offers unchanged and offered trade discounts depending on buying enquiries. Prices in the near future are expected to remain under pressure especially in the markets of western region, while in the other markets, low margins are still a major concern, hence, minor fluctuations are expected depending upon the movement of billet prices, sources said.