The daily Davis Index for billet in Mumbai, declined by Rs100/mt ($1.35/mt) to settle at Rs37,900/mt ($512.64/mt) ex-works on Thursday, with no trades reported.
Offers were at Rs38,000/mt, while buyers were unwilling to raise bids beyond Rs37,800/mt. The index for rebar rose by Rs300/mt ($4.05/mt) to Rs42,000/mt ($568.1/mt) ex-works Mumbai. Trading slowed at the increased prices. Some market participants believe finished steel prices, which have been on an uptrend for the past couple of weeks, could take a breather.
In Raipur, the daily index for billet fell by Rs150/mt and settled at Rs35,550/mt ex-works. Pellet Sponge iron offers, however, remained firm at Rs25,300/mt ex-works Raipur, with only a few takers. The index for rebar rose by Rs200/mt to Rs38,600/mt ($516/mt) ex-works and trades dipped at increased prices.
In Mandi Gobindgarh, the daily index for ingot increased by Rs100/mt to Rs37,400/mt ex-works, but the index for rebar settled flat at Rs41,500/mt ex-works.
In Jalna, the bi-weekly index for billet remained unchanged at Rs37,300/mt ex-works, as buyers await clarity in price direction. The index for rebar increased by Rs100/mt from Tuesday to Rs41,100/mt ex-works on Thursday, amid sustained sales.
In Durgapur, the bi-weekly index for billet increased by Rs400/mt to Rs36,100/mt on the back of a rise in Sponge and pig iron prices. The index for rebar was up by Rs900/mt to Rs39,500/mt ex-works.
In Chennai, the bi-weekly index for billet rose by Rs1,500/mt to Rs39,000/mt ex-works and that for rebar increased by Rs1,000/mt at Rs42,000/mt ex-works.
In Ludhiana, the bi-weekly index for ingot was up by Rs800/mt to settle at Rs 37,800/mt ex-works, amid a rise in local scrap prices.