The daily Davis Index for billet in Mumbai continued its downtrend with a Rs500/mt ($6.82/mt) drop to Rs41,300/mt ($563.43/mt) ex-works on Thursday. Market participant told Davis Index that no major ingot and billet trade happened in the last two days as buyers preferred to stay away. The index for rebar remained unchanged at Rs48,500/mt ($661.66/mt) ex-works with limited trade activity.
In Raipur, the daily Index for billet dropped by Rs300/mt to Rs40,100/mt ex-works as buyers backed out and no trade was heard at index price. Billet sellers are not in a hurry to sell and anticipate that market will bounce back in the next one or two days, as there is no reason for prices to move down further.
Pellet Sponge offers were at Rs26,400/mt ex-works Raipur, with no takers while the index for rebar increased by Rs300/mt to Rs45,300/mt despite sluggish demand so far this week.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs500/mt to Rs40,300/mt, in line with fall in local scrap prices, while rebar remained flat to Rs45,800/mt ex-works.
In Duragpur, the bi-weekly index for billet fell by Rs700/mt at Rs39,800/mt on Thursday compared to Tuesday, while rebar was flat at Rs45,000/mt.
In Kutch, the bi-weekly index for billet decreased by Rs800/mt to Rs41,500/mt ex-works and rebar was down by Rs600/mt to Rs47,700/mt ex-works.
In Ludhiana, the bi-weekly index for ingot dipped by Rs800/mt to settle at Rs 41,200/mt ex-works due to similar rise in local scrap prices.