According to SteelRadar data, 012-32 mm rebar prices broke their upward momentum until early June on June 4 and continued their downward trend until June 25.
After showing a moderate recovery in early July, prices started to fall again. Rebar, which was flat at USD 584 between July 3-8, started to fall on July 9 and closed at USD 574 on July 11. This represents a 5.75% decline compared to the same period of 2023.
Lack of domestic demand due to monsoon rains and the off-season is leading to excess stocks, which in turn is weighing on prices.
Looking ahead, the December quarter, traditionally the peak period for steel demand in India, is expected to boost demand and prices for both raw materials and finished steel products.
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