Induction furnace rebar prices increased by INR 100-900/t d-o-d in all the major Indian markets on increasing costs of sponge iron and melting scrap as well as rise in semi-finished steel prices, as per SteelMint reports.
However, trading activity and buying enquiries varied from region to region. In most regions, manufacturers saw dull demand in the spot market, except in the western region where improved transactions in the retail and project segments supported rebar prices.
Prices in the days ahead are expected to remain supported, or could witness slight fluctuations, depending on billet price movements.
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