India: Secondary mills’ rebar prices further decline by up to INR 900/t ($12)

Induction grade rebar prices declined further by INR 100-900/t d-o-d in major Indian markets. Continuously falling semi-finished steel prices and dull demand for rebar remained as the major concerns behind the sharp fall in secondary rebar prices. As per trade sources, near term prices may continue to remain weak particularly in a few markets of western region in order to maintain price gaps with other markets.