The Davis Index for rebar in Raipur was unchanged from Friday and settled at Rs33,200/mt ($461.11/mt) ex-works. Prices remained unchanged despite an increase in ingot and billet prices.
The daily index for billet increased by Rs350/mt ($4.86/mt) to Rs29,350/mt ($407.63/mt) ex-works Raipur. Raigarh billet manufacturers faced power outages affecting steel semi supply, driving their prices upwards in Central India. Pellet sponge prices in Raipur were at Rs18,600-18,700/mt, up by Rs100-200/mt.
In Mumbai, the daily Davis Index for rebar was flat and settled at Rs35,100/mt ($487.5/mt) ex-works.
Rebar manufacturers held offers at Rs35,100/mt, Rs200/mt higher than the bids citing increased billet prices and marginally depreciated rupee against US dollar on Monday. Thin trades were reported in the range of Rs35,000-35,100/mt.
The daily Davis Index for billet in Mumbai was up by Rs50/mt and settled at Rs31,250/mt ($434.02/mt) ex-works.
The daily Davis Index for ingot in Mandi Gobindgarh increased by Rs150/mt to Rs31,750/mt ($440.97/mt) ex-works due to increase in ferrous scrap prices.
($1= Rs72)