Major mills in central India reduce rebar prices by up to INR 800/t ($11)

Weak demand for rebar continues to weigh on long steel prices in the country, as per SteelMint reports. Leading rebar producers in Raipur such as GK TMT and GOEL TMT have both reduced 10-25 mm Fe 500D rebar prices by INR 700-800/t to INR 46,500/t, exw (excluding GST). Higher inventories at mills and limited volumes on the spot market keep pressuring manufacturers to slash rebar prices in sync with raw material price movements, as per sources.