The daily Davis Index for billet in Raipur fell Thursday by Rs250/mt ($3.34/mt) at Rs28,800/mt ($385.02/mt) ex-works after a drop in rebar prices. The index for rebar fell by Rs300/mt and settled at Rs31,900/mt ex-works Raipur. Steel mills in Central India expect rebar demand to moderate in both local and outstation markets. Pellet sponge iron prices in Raipur dropped by Rs100-200/mt to Rs17,300-17,400/mt ex-works.
In Mumbai, the daily Davis Index for billet marginally fell by Rs50/mt to Rs29,500/mt ex-works. Mills in Mumbai have increased their utilization levels to about 70pc in July after labourers returned to work and finished steel demand recovered. The daily Davis Index for rebar in Mumbai remained flat and settled at Rs32,200/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot Thursday remained flat to Rs31,300/mt ex-works while the bi-weekly index in Ludhiana fell by Rs100/mt to Rs 31,500/mt ex-works from Tuesday. The index for rebar stayed flat to Rs36,450/mt ex-works Mandi Gobindgarh.
In Durgapur, the bi-weekly index for rebar fell by Rs550/mt ($7.35/mt) to Rs30,950/mt ex-works from the prior week amid low demand. A few deals were reported at the index price. The index for billet, however, fell by Rs125/mt to Rs28,875 ex-works Durgapur on the back of increased raw material prices. Sponge iron prices rose as an uptrend in South African coal prices raised their input cost. Sponge iron manufacturers import coal to produce sponge iron.
In Chennai, the bi-weekly Davis Index for rebar dropped by Rs375/mt to Rs34,875 from the prior week. Deals concluded at the index price.
In Jalna, the bi-weekly index for rebar rose by Rs500/mt to Rs 33,400/mt from Tuesday on healthy buying, while billet prices remained firm at Rs30,000/mt ex-works.
The bi-weekly index for rebar in Gujarat fell by Rs150/mt ($2/mt) on Thursday to Rs 33,000/mt ($441.17/mt) ex-works. The index for billet fell by Rs50/mt to Rs29,800/mt ($398.39/mt) ex-works.