In Mumbai, the daily Davis Index for billet Monday rose by Rs750/mt ($10.11/mt) to Rs30,450/mt ($410.87/mt) ex-works from Friday amid healthy buying seen on the first day of the week. A few billet deals were reported at Rs30,400/mt. Billet makers stated that prices fell by Rs2,000/mt in the previous week but on Monday rolling mills booked decent volumes amid an anticipated price rise. The daily Davis Index for rebar remained unchanged at Rs33,800/mt ($456.07/mt) ex-works Mumbai with limited trades.
In Raipur, the daily Davis Index for billet fell by Rs450/mt ($6.07/mt) to settle at Rs28,900/mt ($389.96/mt) ex-works in-line with a fall in rebar prices. Pellet sponge offers were at Rs19,000/mt ($256.37/mt) ex-works, but no trades were confirmed at these prices. The last pellet sponge deal was heard at Rs18,800/mt.
Mills in Chhattisgarh struggled with weak demand as orders from outstation markets have reduced due to heavy monsoon in Central India. The daily index for rebar Monday fell by Rs500/mt to Rs32,500/mt ($438.53/mt) ex-works Raipur. However, mills expect prices of semi-finished steel products such as sponge iron and billet to remain flat and are unlikely to move down in the near term.
In Mandi Gobindgarh, the daily index for ingot fell by Rs350/mt ($4.72/mt) and settled at Rs32,200/mt ($434.48/mt) ex-works with similar fall in local scrap prices. The daily index for rebar dropped by Rs750/mt at Rs37,250/mt ($502.63/mt) ex-works due to weak sales.