India: Weak demand hits IF grade rebar prices for third day in a row

The induction furnace (IF) grade rebar market today remained quiet in terms of spot trade activity and buying enquiries, as per SteelMint reports. In most of the major supply regions, prices dropped by INR 200-900/t d-o-d. As per sources, continuously falling semi-finished steel prices in the leading markets of North and Central India have weakened the demand for rebar, as traders are not willing to procure amid prevailing market uncertainty. Prices in the near term will depend on movement of billet prices, sources said.