The daily Davis Index for rebar fell by Rs200/mt($2.80/mt) to Rs35,800/mt ex – works Mumbai, in-step with a fall in billet prices. The index for billet declined by Rs200/mt and settled at Rs31,500/mt on Wednesday.
The Davis Index for ingot at Mandi Gobindgarh increased by Rs300/mt to Rs32,150/mt ex-works, with ferrous scrap prices up by Rs100 to Rs22,650/mt.
Due to the Basant Panchami holiday markets shut early and no transactions took place after 2pm.
Ingot manufacturers are not ready to sell at lower rates as they are expecting demand to rise after the Union budget on Feb 1.
The daily Davis Index for rebar remained unchanged at Rs33,700/mt ex-works Raipur, on Wednesday. Steel billet price declined by Rs50/mt to Rs29,600/mt ex-works Raipur.
Sponge iron ex-Raipur was on offer at Rs19,200-19,300/mt which manufacturers are expecting to rise further and pressure its production cost. Raipur steel manufacturers are also waiting for the budget boost.