The daily Davis Index for billet in Raipur Monday fell by Rs750/mt ($10.1/mt) to Rs32,500/mt ($438.29/mt) ex-works from Friday amid sluggish demand. Steel mills are under pressure as demand for rebar in Raipur is slow. The index for rebar fell by Rs500/mt to Rs34,800/mt as buyers stayed away from the market and are expected to restock only after Diwali, which starts this weekend.
In Raipur, Pellet Sponge prices decreased by Rs200/mt to Rs22,600/mt from Friday.
Mills in Mumbai held prices for rebar firm despite limited buying. The index for rebar on Monday remained unchanged at Rs37,500/mt ex-works Mumbai from Friday, while the index for billet fell by Rs400/mt to Rs34,000/mt ex-works.
In Mandi Gobindgarh, the daily Index for ingot declined by Rs600/mt to Rs34,500/mt ex-works in line with a fall in scrap prices. Scrap availability in the local market eased this week. The index for rebar fell by Rs600/mt at Rs39,000/mt ex-works.
($1=Rs74.15)