Induction furnace (IF) route re-bar prices declined further by INR 100-500/t, d-o-d, in most major markets in India, SteelMint assessment shows. Sustained paucity of demand in the spot market and limited future bookings have resulted in rising inventories at mills that are pressurising re-bar manufacturers to adjust offers. Tradable prices depend upon the price parity with other competitive markets and steel billet prices, which are also weak across markets. Subdued market sentiments and dull buying enquiries in the spot market may keep re-bar prices under pressure.
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