The daily Davis Index for billet in Raipur fell by Rs250/mt on Friday ($3.33/mt) to Rs27,650/mt ($368.66/mt) ex-works in tandem with a fall in rebar prices. Pellet sponge iron prices dropped by Rs200-300/mt to Rs16,000-16,200/mt ex-works Raipur from the prior day.
Manufacturers are confident that domestic steel prices are unlikely to move down given that iron ore prices in the global market traded at around $103-105/mt. Steel mills will continue to export semis like billet, pig iron and slabs in Q2.
The daily Davis Index for rebar in Raipur fell by Rs400/mt ($5.33/mt) on Friday to settle at Rs31,000/mt ($413.33/mt) ex-works Raipur. Demand of rebar in urban areas continued to remain weak. Construction activity in rural parts of India supported rebar prices.
In Mumbai, the daily Davis Index for billet fell by Rs150/mt ($2/mt) and settled at Rs27,700/mt ($369.33/mt) ex-works Mumbai. Billet offers were at Rs27800/mt and bids at Rs27600/mt but no deal were reported. The daily Davis Index for rebar in Mumbai settled flat at Rs30,800/mt ($410.66/mt) ex-works amid limited trades.
In Mandi Gobindgarh, the daily index for ingot decreased by Rs150/mt to Rs30,300/mt ($404/mt) ex-works owing to similar movement in scrap prices.