The daily Davis Index for rebar, Wednesday, settled unchanged at Rs31,600/mt ($417.87/mt) ex-works Raipur. The daily index for billet increased by Rs600/mt ($7.93/mt) and settled at Rs27,800/mt ($367.62/mt) ex-works Raipur amid supply crunch and an increase in pellet sponge prices. Pellet sponge iron prices were at Rs15,600-15,700/mt ex-works Raipur, up by 700-800/mt from the prior day.
Prices for semi-finished steel increased as the market sentiment turned positive after India levied an anti-dumping duty on certain value-added imported steel from China, South Korea and Vietnam. Billet manufacturers, however, are unsure of prices sustaining.
In Mumbai, the daily Davis Index for rebar remained flat and settled at Rs31,700/mt ($419.2/mt) ex-works as trades were limited. The index for billets increased by Rs100/mt at Rs27,500/mt ($363.66/mt) ex-works Mumbai. Billet offers were at 27,600/mt and bid at Rs27,400/mt, thus no deals were reported.
In Mandi Gobindgarh, the daily index for ingot rose by Rs300/mt ($3.96/mt) to Rs30,600/mt ($404.65/mt) ex-works with a similar rise in scrap prices.
($1= Rs75.62)