The daily Davis Index for billet in Mumbai remained flat at Rs36,200/mt ($489.98/mt) ex-works on Thursday with few deals reported at index prices. Steelmakers anticipate that due to demand-supply gap in international scrap market, ingot and billet prices are likely to remain firm in near future. The daily index for rebar remained unchanged at Rs39,900/mt ($540.06/mt) ex-works.
In Raipur, the daily for billet remained unchanged at Rs34,400/mt ex-works with limited trades. Few steel mills informed that demand for finished steel, including rebar, is sluggish but expect some improvement in the upcoming months which would suppor rebar sales.
Pellet Sponge offers were at Rs24,400/mt ex-works Raipur, with no takers. The index for rebar was flat at Rs37,000/mt ex-works amid sluggish rebar sales.
In Mandi Gobingarh, the daily index for ingot was up by Rs50/mt at Rs35,350/mt ex-works and index for rebar remained unchanged at Rs39,700/mt ex-works.
In Jalna, the bi-weekly index for billet was up by Rs200/mt at Rs36,300/mt ex-works with some deals reported at the index prices. The index for rebar was flat at Rs40,000/mt ex-works on Thursday compared to Tuesday on healthy rebar sales.
In Durgapur, the bi-weekly index for billet and rebar remained unchanged at Rs34,500/mt and Rs37,000/mt respectively ex-works.
In Chennai too, the bi-weekly index for billet and rebar was flat at Rs 36,000/mt and Rs40,000/mt, ex-works, respectively.
In Ludhiana, the bi-weekly index for ingot dropped by Rs300/mt to settle at Rs 35,500/mt ex-works due to similar drop in local scrap prices.
($1=Rs73.88)