According to data from SteelRadar, rebar prices jumped by USD 17 to reach USD 632 on May 8. This was the highest price in the last 6 months.
On May 12, prices started to fall after remaining stable until May 10. After falling sharply to 611 USD on May 16, rebar closed 1 USD higher today at 612 USD.
During the week of May 9-17, prices hovered around USD 611-632.
With elections on India's agenda until June 4, the country's steel demand is likely to decline. In addition, the influx of cheap steel from China is also making India, like other Far East countries, face competitive prices. It is expected that there will be no intervention in this situation until a new government comes in after the elections, and therefore the fall in prices is expected to continue for a while.
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