A few primary steel mills have lowered domestic finished long steel prices by INR 500-1,000/t ($7-14) for Jun'21 deliveries. SteelMint's assessment for BF (12 mm) rebar dropped by INR 750/t to INR 53,250/t, which was trading at INR 54,000-54,500/t in May'21. The prices are exw-Mumbai, excluding taxes. Weak demand due to the lockdown in tier 1 cities resulted in poor offtake of finished steel especially rebar, structural products and wire rod.
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