The daily Davis Index for billet in Raipur increased by Rs500/mt ($6.67) to settle at Rs29,850/mt ($398.53/mt) ex-works on Friday due to rise in sponge iron prices and limited availability of semi-finished steel in the Central India. Pellet sponge iron prices continued to remain high at Rs19,000/mt ex-works, up by Rs200/mt from the prior day. The daily Davis Index for rebar remained unchanged at Rs32,400/mt (432.57/mt) ex-works Raipur on weaker sales in finished steel including rebar.
In Mumbai, the daily Davis Index for billet fell by Rs450/mt and settled at Rs29,500/mt ($393.85/mt) ex-works on increased selling pressure. However, the daily Davis Index for rebar remained flat at Rs32,900/mt (439.25/mt) ex-works on limited trade. Most of the participants are expecting prices of rebar to be under pressure in the near term due to slow-down in construction activities.
In Mandi Gobindgarh, the daily index for ingot decreased by Rs150/mt and settled at Rs31,650/mt ($422.56/mt) ex-works on similar fall in scrap prices. The daily index for rebar also fell by Rs100/mt to Rs36,750/mt ($491.98/mt) ex-works.