The daily Davis Index for billet was up by Rs200/mt ($2.71/mt) to Rs30,200/mt ($409.76/mt) ex-works on Monday from Friday with some deals reported at this price. Steel mills operators in Mumbai informed Davis Index that demand for rebar is improving.
Monsoon in Mumbai has subsided, allowing construction activities to pick pace. Demand for finished steel products is expected to increase in the coming months to cover H1’s shortfalls to a large extent. The index for rebar was up by Rs200/mt to Rs33,500/mt ex-works Mumbai owing to healthy sales.
In Raipur, however, the daily Index for billet dropped by Rs350/mt to settle at Rs28,950/mt ex-works on lack of deals. Billet offers were at Rs29,000/mt and bids at Rs28,900/mt but no deals were reported. Few steel mills operators in Raipur shared that the local lockdown will end on Monday midnight though some restriction will continue.
Pellet sponge are offered at Rs18,700-18,800/mt ex-works, but there were no takers at these prices. The daily index for rebar fell by Rs300/mt and settled at Rs32,500/mt ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot fell by Rs350/mt at Rs32,100/mt ex-works in line with fall in local scrap prices. A trader in Mandi shared that scrap availability has improved recently which pressured ingot, billet and rebar prices. The index for rebar fell by Rs400/mt to Rs37,400/mt ex-works.