The daily Davis Index for rebar in Raipur fell by Rs200/mt ($2.8/mt) from Feb 7 and settled at Rs33,300/mt ($466.84/mt) ex-works driven by a fall in billet prices and oversupply of finished steel.
Inquiries for rebar from integrated steel mills in Raipur picked up after prices declined on Monday, with trades reported at Rs33,200-33,300/mt.
The daily index for billet decreased by Rs500/mt ($7/mt) from last Friday and settled at Rs29,300/mt ($410.76/mt) ex-works Raipur. Prices declined driven by a fall in pellet sponge prices and oversupply of billets relative to global demand. Pellet sponge prices in Raipur were at Rs18,800-18,800/mt, down by Rs300-400/mt from the prior day. Billet exports declined 51pc in Jan 2020 from Dec 2019, increasing its supply in Indian domestic markets.
The daily Davis Index for rebar in Mumbai fell by Rs200/mt from last Friday and settled at Rs34,700/mt ($486.47/mt) ex-works on Monday, also a fall in billet prices. Rebar traders are expecting a further drop in prices before increasing their inventories.
The daily Davis Index for billet in Mumbai fell by Rs550/mt ($7.71/mt) to Rs30,550/mt ($427.59/mt) ex-works. Billet offers were at Rs30,500/mt but buyers refrained from trades at those prices.