In Mandi Gobindgarh, TMT price fell in line with reduced Ingot prices.
Manufacturers in Indore, Raipur and Bangalore cut offers as demand has not picked up.
Demand in finish products in Tamil Nadu and Kerela remain dismal. Rains have arrived in Kerela and market participants are waiting for prices to come down. Palakkad (industrial cluster in Kerela) has power shortage which is why ingot is holding up at Rs 40,000/MT (inclusive all); there is a little shortage of the material.
Rebar rates in these states are under pressure and experts are of the opinion that prices may cool down in the week ahead.
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