Indian re-bar manufacturers cut offers by Rs 200-300/t

Re-bar prices in Indian market correct by Rs 200-300/t.Rainfall in some parts of the country kept finished steel demand low.

“Heavy rainfall has hampered construction activity with most of contractors postponing their orders.We see some improvement in demand in the month of September-October.” said a steel trader based in Delhi.

Re-bar manufacturers in Raipur and Mumbai cut offers by Rs 300/t on weak demand.Traders do not see a robust improvement in demand in the coming month.

“There is lack of infrastructural development by the government and no major reform policies. We can not hope for the markets to pick up under these circumstances.Government needs to boost infrastructure and development work.” said a senior executive of a primary steel producer based in Kolkata.