India: IF grade rebar prices fall by up to INR 500/t on weak demand
Induction furnace (IF) grade rebar prices fell by INR 100-500/t d-o-d in major Indian markets today, SteelMint assessment shows. Lack of buying enquiries and subdued trade in the spot market are still major factors behind consistent decline in rebar prices. Besides, volatile semi-finished steel prices have pushed manufacturers either to slash rebar offers or adjust trade prices. Prices are expected to remain under pressure in the near-term.