The daily index for billet in Raipur Wednesday settled flat at Rs29,800/mt ex-works on lack of deals. Billet offers were at Rs29,900-30,000/mt, but buyers are targeting Rs29,700/mt.
Pellet sponge traded at Rs19,300-19400/mt ex-works with limited takers. The daily index for rebar remained flat at Rs32,800/mt ex-works Raipur. A steel mill in Raipur shared that demand of finished steel including rebar is sluggish and buyers are waiting for a market direction.
The daily Davis Index for billet in Mumbai rose by Rs200/mt ($4.08/mt) to Rs31,300/mt ex-works following rise in rebar prices. Billet offers were at Rs31,400/mt and bid at Rs31,200/mt, but no deal reported. The index for rebar was also up by Rs100/mt at Rs34,700/mt ($472.75/mt) ex-works on limited trade. Few steel mills in Mumbai said rebar demand is good but not robust, and their inventory levels are comfortable.
A leading builder in Mumbai commented construction activity is inching towards pre-COVID-19 levels along with a combination of favourable factors such as reduced stamp duty in Maharashtra and lower interest rates. The real estate sector is gaining momentum and this is a good indication for steel mills across Maharashtra.
In Mandi Gobindgarh, the daily Davis Index for ingot rose by Rs50/mt to settle at Rs32,700/mt in line with a rise in scrap prices. The index for rebar settled flat at Rs37,600/mt ex-works on limited trade.