Major private mills in central India slash rebar price by INR 500/t

Weak seasonal demand and falling sponge iron and billet prices continue to weigh on rebar prices. Raipur-based GK TMT and GOEL TMT have both reduced rebar (10-25 mm) Fe 500D prices by INR 500/t ($7) to INR 48,000/t, exw and excluding taxes. Finished steel prices are likely to remain under pressure as demand continues to remain dull during the monsoon season, not to forget bearish global trends following a decline in Chinese steel prices, sources said. Steel billet prices in Raipur plunged INR 300/t d-o-d on 21 Jun, as per SteelMint reports.