Induction furnace grade rebar prices declined by INR 100-600/t d-o-d in most of the major supply regions in India, SteelMint assessment shows. Dull demand for rebar and a sustained fall in semi-finished steel prices prompted manufacturers to reduce offers. However, in a few markets, sellers kept their offers unchanged and dangled the lure of discounts depending on buying inquiries. Prices in the near future are expected to remain under pressure, however low margins remain a major concern for further price corrections, sources shared.
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