The daily Davis Index for rebar in Raipur rose by Rs200/mt to settle at Rs33,400/mt ex-works on Wednesday, however, rebar makers reported slow buying at increased rates. Finished steel market including rebar is in silent mode since last two days and no major booking was done from end-users.
The daily index for billet increased by Rs100/mt at Rs30,600/mt ex-works Raipur on elevated Sponge iron prices. Pellet Sponge prices were at Rs20,100/mt ex-works. Billet producers are seeing some price correction in Sponge iron in the coming days with hardly any bookings at higher prices. Besides, iron ore production is most likely to increase in Odisha going forward as monsoon has subsided in most parts of India, which may put pressure on Sponge iron prices too.
In Mumbai, the daily Index for billet increased by Rs200/mt at Rs32,200/mt ex-works due to tight supply. The index for rebar was marginally up by Rs100/mt and at Rs35,600mt ex-works with limited trade activity.
In Mandi Gobindgarh, the daily Davis Index for ingot was up by Rs50/mt at Rs33,350/mt. The index for rebar was up by Rs200/mt at Rs38,000/mt ex-works on moderate demand.