The daily Davis Index for billet in Raipur on Tuesday increased by Rs150/mt ($2.01/mt) to settle at Rs29,100/mt ($391.86/mt) ex-works. Billet offers were at Rs29,200/mt and bids at Rs29,000/mt but no deals were reported.
Pellet sponge offers were at Rs19,000/mt ($255.87mt) ex-works, with limited takers. The daily index for rebar remained flat at Rs32,500/mt ($437.65/mt) ex-works Raipur. Secondary steel mills stated that demand of finished steel including rebar is still lacking but expect prices to rise as the month progresses on healthy demand.
In Mumbai, the daily Davis Index for billet rose by Rs200/mt ($2.69/mt) to Rs30,650/mt ($412.73/mt) ex-works as trade activities improved. A few billet deals were reported at Rs30,600/mt. The daily Davis Index for rebar remained unchanged at Rs33,800/mt ($455.15/mt) ex-works Mumbai with limited trades.
In Mandi Gobindgarh, the daily index for ingot went up by Rs300/mt ($4.03/mt) to settle at Rs32,600/mt ($437.65/mt) ex-works with similar rise in local scrap prices. Few steel mills are expecting semis prices to rise this week. The daily index for rebar dropped by Rs250/mt to reach Rs37,000/mt ($498.24/mt) ex-works due to weak sales.
In Durgapur, the bi-weekly index for rebar declined by Rs1,150/mt ($15.48/mt) to Rs32,950/mt ($443.6.15/mt) ex-works from 34,100/mt ($459.1/mt) on Tuesday with limited deals reported amid sluggish demand for finished steel. The index for billet, however, decreased by Rs1,217/mt ($16.39/mt) to Rs29,950 ($403.3/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar dropped by Rs583/mt ($7.8/mt) to Rs35,000 ($471.3/mt) from Rs35,583/mt ($479.1/mt) on Tuesday amid weak demand. The index for billet also dropped by Rs500/mt ($6.7/mt) to Rs31,000/mt ($417.4/mt).
In Jalna, the daily index for billet decreased by Rs450/mt to Rs30,450/mt ($410.04/mt) ex-works compared to prior week. The bi-weekly index for rebar was also down by Rs300/mt at Rs34,000/mt ($457.85/mt) ex-works. While bookings were poor last week, it increased since last two days following the price drop.
In Gujarat, the bi-weekly index for rebar fell by Rs150/mt to Rs34,000/mt ($457.85/mt) ex-works. Due to heavy monsoon in the State, rebar sales were impacted and dispatch has slowed-down but trade is expected to normalize in a day or two. The bi- weekly index for billet remained flat at Rs31,150/mt (419.47/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot decreased by Rs800/mt to Rs 32,700/mt (440.34/mt) ex-works from last week with a similar drop seen in local scrap prices.
($1= Rs74.26)