The daily Davis index for billet in Mumbai was flat at Rs33,200/mt ($445.81/mt) ex-works on Thursday with few deals heard at index price. Most of billet makers in Mumbai are under pressure to sell as demand is scarce at high prices with buyers targeting lower prices.
The daily index for rebar remained unchanged at Rs36,600/mt ($491.47/mt) ex-works with limited trade activities. A source from a well-known secondary steel mill in Mumbai cited that rebar demand is moderate since last two days with very few bookings after prices increased on Wednesday.
In Raipur, the daily Davis Index for billet was flat at Rs31,800/mt ex-works with few deals confirmed at index prices. Pellet Sponge offers were at Rs21,900/mt ex-works with no takers. A rebar mill operator in Raipur shared that raw-material prices are continuously tightening but demand of finished steel, including rebar, is not showing any improvement. The daily Index for rebar remained flat at Rs34,300/mt ex-works.
In Mandi Gobindgarh, the daily Davis Index for ingot was up by Rs200/mt at Rs34,300/mt on rise in scrap prices. The index for rebar was up by Rs200/mt at Rs38,800/mt ex-works.
In Jalna, the bi-weekly index for billet was up by Rs600/mt to Rs33,100/mt ex-works in line with rise in rebar prices. The index for rebar was up by Rs600/mt at Rs36,100/mt ex-works due to improved demand.
In Gujarat, the bi-weekly indexes for billet was up by Rs100/mt to Rs33,200/mt ex-works due to rise in local scrap prices and for rebar was up Rs200/mt at Rs36,500/mt ex-works with limited trades.
In Durgapur, the index for billet was up by Rs800/mt to Rs31,900/mt ex-works on elevated Sponge iron and Pig iron prices. The bi-weekly index for rebar surged by Rs1,500/mt to Rs34,100mt ex-works largely due to revised gauge differences in rebar from Thursday.
In Chennai, the bi-weekly Davis Index for billet rose by Rs500/mt at Rs 33,000/mt ex-works in line with the rise in rebar prices and index for billet was up by Rs300/mt to Rs36,800/mt.
In Ludhiana, the bi-weekly index for ingot was up by Rs400/mt at Rs 34,700/mt ex-works.
($1=Rs74.47)