The daily Davis Index for billet in Mumbai on Tuesday was up by Rs200/mt ($2.77/mt) and settled at Rs30,550/mt ($414.12/mt) ex-works due to improvement in demand. The price increase in billet is also supported by the higher prices of imported scarp. The daily Davis Index for rebar in Mumbai remained flat for the second day at Rs33,900/mt ($459.53/mt) ex-works. Secondary mills in Mumbai are unable to increase prices in rebar due to sluggish sales.
In Raipur, the daily index for billet increased by Rs150/mt at Rs30,150/mt ($408.7/mt) ex-works following a hike in rebar prices after a long duration. The daily index for rebar surged by Rs550/mt to Rs33,200/mt ($450.04/mt) ex-works on anticipation of good demand this month. Pellet sponge offers remained at Rs20,200/mt ($273.82/mt) ex-works, but there were no takers at these prices.
In Mandi Gobindgarh, the daily index for ingot was also up by Rs367/mt to settle at Rs33,400/mt ($452.75/mt) ex-works in line with rise in local scrap prices. The daily index for rebar was also up by Rs400/mt at Rs38,550/mt ($522.57/mt) ex-works as improvement in trade activities was witnessed on Tuesday.
In Durgapur, the bi-weekly index for rebar up by Rs200/mt to Rs33,500/mt ($454.11/mt) ex-works on Tuesday from last Thursday. Limited deals were reported at index prices. The index for billet, however, remained unchanged at Rs31,000 ($421.9/mt) ex-works.
In Chennai, the bi-weekly Davis Index for rebar rose by Rs425/mt ($5.76/mt) to Rs 35,500/mt ($454.11/mt) from last Thursday. The manufacturers have raised the finished steel prices considering a rise in billet prices in the prior week. Demand, however, continues to remain sluggish. A few deals were reported at the index price. The index for billet remained unchanged at Rs31,500/mt ($427/mt).
In Jalna, the bi-weekly index for billet decreased by Rs200/mt to Rs30,600/mt ($414.8/mt) ex-works from prior week due to selling pressure. The bi-weekly index for rebar increased marginally by Rs100/mt at Rs34,100/mt ($462.24/mt) ex-works with fewer deals reported.
In Gujarat, the bi-weekly index for rebar was also marginally up by Rs50/mt to Rs34,900/mt ($473.09/mt) ex-works. However, demand of finished steel is still low in the state. The bi-weekly index for billet was up by Rs100/mt at Rs31,250/mt ($423.61/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot increased by Rs500/mt to Rs 33,700/mt ($456.82/mt) ex-works with a similar rise in local scrap prices.