India: Secondary rebar prices fall for fourth day in a row

The induction furnace grade rebar market in the country observed weak buying enquiries and falling prices for the fourth consecutive day on 24 Jun’21. Prices declined by INR 100-500/t in most of the major markets, SteelMint assessment shows. However, in a few locations, manufacturers preferred to keep offers stable and offered trade discounts. Falling semi-finished steel prices in the north and central regions and heavy seasonal showers in some states were the key factors behind slow spot trading activity. On a daily basis, lack of demand continues to pressure prices downwards, sources informed.