The daily Davis Index for billet in Mumbai was down by Rs350/mt ($4.75/mt) and settled at Rs37,800/mt ($513.58/mt) ex-works on Thursday as supply outpaced demand. Some billet deals were reported at index price after sellers reduced offers. The index for rebar remained unchanged at Rs42,500/mt ($577.44/mt) ex-works.
In Raipur, the daily index for billet dropped by Rs200/mt at Rs35,300/mt ex-works as sellers were under pressure, but market suddenly rebounded in the second half on Thursday resulting in improvement in enquiry and trades. The index for rebar remained unchanged at Rs38,400/mt ex-works on moderate demand.
Pellet Sponge offers was at Rs24,700/mt ex-works Raipur, down by Rs300/mt with few takers.
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt at Rs37,400/mt ex-works in line with the fall in scrap prices, while the index for rebar was flat at Rs42,000/mt ex-works.
In Jalna, the bi-weekly index for billet was almost flat at Rs37,500/mt ex-works. Some deal were reported at Rs37,400/mt but no deal was heard thereafter. The index for rebar remained unchanged at Rs41,300/mt ex-works on Thursday compared to Tuesday.
In Kutch, the bi-weekly index for billet was flat at Rs37,500/mt on account of steady local scrap prices. Rolling mills are active in procuring ingot and billet expecting limited downward pressure in raw material prices. The index for rebar was up by Rs500/mt at Rs43,200/mt ex-works on good demand.
In Durgapur, the bi-weekly index for billet was down by Rs400/mt at Rs36,100/mt ex-works and rebar dropped by Rs700/mt at Rs39,100/mt ex-works, on sluggish demand.
($1=Rs73.67)