Demand for rebar produced via the induction furnace route remained weak today in major supply centres across India. Limited activity at construction sites due to ongoing lockdown restrictions and labour shortage have impacted demand. Lack of buying inquiries is resulting in rising inventory at mills which is putting pressure on prices. However, volatile raw material costs have pushed rebar manufacturers to keep their offers stable and given trade discount as per market requirements. In the short-term, rebar prices will depend on billet price movements, sources said.
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