The daily Davis Index for billet in Raipur dropped by Rs400/mt ($5.42/mt) to Rs38,100/mt ($516.26/mt) ex-works on Tuesday after a long rally. Billet sellers were trying to hold offers on Monday anticipating the market to sustain but buyers did not accept higher prices. Domestic steel ingot and billets prices will be undergoing correction due to dip in demand for finished steel, including rebar, in the last couple of days.
The index for rebar fell by Rs200/mt ($2.71/mt) to Rs41,800/mt ($566.39/mt) ex-works Raipur. Pellet Sponge offers were at around Rs26,000/mt ($352.3/mt) ex-works Raipur, down by Rs100-200/mt from the previous day.
In Mumbai, the daily index for billet remained unchanged at Rs40,400/mt ex-works while, the index for rebar increased by Rs400/mt to Rs45,200/mt ex-works on limited availability of material.
In Mandi Gobindgarh, the daily index for ingot fell by Rs300/mt at Rs38,500/mt ex-works with similar fall in local scrap prices while the index for rebar was down by Rs600/mt to Rs43,100/mt ex-works.
In Duragpur, the bi-weekly index for billet was up by Rs800/mt at Rs38,500/mt ex-works. The index for rebar increased by Rs1,000/mt to Rs42,500/mt ex-works on Tuesday compared to last Thursday.
In Chennai, the bi-weekly index for billet rose by Rs1,000/mt to Rs42,500/mt on account of high imported scrap prices. A few steel mill operators in Chennai shared that rebar demand is moderate at increased prices. The index for rebar was up by Rs1,500/mt to Rs47,000/mt ex-works.
In Kutch, the bi-weekly indexes for billet was flat at Rs39,000/mt ex-works and rebar up by Rs1,000/mt to Rs46,200/mt ex-works.
($1=Rs73.84)