The daily Davis Index for rebar Friday fell by Rs200/mt ($2.67/mt) and settled at Rs30,700/mt ($411.14/mt) ex-works Raipur amid limited trades. Manufacturers and traders reduced offers, but buyers stayed away from the market. Trades were heard at Rs30,300-30,500/mt as few traders opted to sell below manufacturers’ prices to clear piled-up inventory.
The daily index for billet dropped by Rs200/mt in Raipur and settled at Rs27,050/mt ex-works in line with a fall in rebar prices. Pellet sponge iron prices were at Rs15,700-15,800/mt ex-works Raipur, unchanged from Thursday.
In Mumbai, the daily Davis Index for billets fell by Rs50/mt to Rs27,400/mt ex-works. A few deals closed at around Rs27,500/mt. The daily Davis Index for rebar remained unchanged and settled at Rs31,500/mt ex-works Mumbai amid subdued demand.
In Mandi Gobindgarh, the daily index for ingot fell by Rs250/mt at Rs30,100/mt ex-works to accommodate a fall in domestic scrap prices amid weak demand of finished products.