India: Secondary rebar prices remain subdued on weak demand

Induction furnace (IF) grade rebar prices declined further by INR 100-800/t d-o-d in most of the major markets in India, SteelMint assessment shows. Decreasing raw material costs and dull demand remained major factors behind falling rebar prices. Meanwhile, manufacturers in a few locations are keeping prices stable and offering trade discounts to recover losses. Limited trade volumes, and production cuts following rising inventory at mills, may keep rebar prices under pressure in the near term, sources said.