The daily Davis Index for billet in Raipur rose by Rs400/mt ($5.44/mt) to Rs37,900/mt ($515.6/mt) ex-works. The rise in offers was supported by healthy demand. Some billet deals were also reported at Rs37,800/mt ex-works. The index for rebar increased by Rs500/mt ($6.8/mt) to Rs41,500/mt ($564.62/mt) ex-works. Demand for rebar has revived for a long pause and is expected to sustain as the year-end is the peak season for the construction sector.
Pellet Sponge offers were at around Rs25,700/mt ($349.65/mt) ex-works Raipur, unchanged, from yesterday. Many deals were reported at Rs25,500/mt ($346.93/mt).
In Mumbai, the daily index for billet rose by Rs300/mt and settled at Rs40,300/mt ex-works supported by bullish imported scarp prices. Billet offers were at Rs40,400/mt and bids at Rs40,200/mt ex-works, with no deal heard. The index for rebar increased by Rs300/mt to Rs44,500/mt ex-works as demand from the end-users across Maharashtra strengthened.
Mills in Mumbai state their rebar inventories have depleted and are thus ramping up production to cater to the rise in demand.
In Mandi Gobindgarh, the daily index for ingot settled unchanged at Rs39,000/mt ex-works, while the index for rebar rose by Rs200/mt to Rs44,200/mt ex-works.
($1=Rs73.54)