Rebar prices slipped on Tuesday in major markets of India as demand slowed down. The Davis Index for rebar in Mumbai decreased by Rs600/mt ($8/mt) to Rs46,000/mt ($631/mt) ex-works on Tuesday due to extremely sluggish demand from end-users. Mills are expecting a futher downwards price correction for rebar amid if demand remains weak. However, billet remained unchanged with its index at Rs40,000/mt ($549/mt) ex-works Mumbai as sellers were unwilling to reduce asking rates.
In Raipur, the index for billet remained unchanged to Rs37,700/mt ex-works as limited deals were reported in the second half of the day. The index for rebar dropped by Rs500/mt to Rs41,500/mt ex-works Raipur due to moderate demand. Pellet Sponge offers were at Rs27,000/mt ex-works Raipur but with no takers.
In Mandi Gobindgarh, the index for ingot remained unchanged at Rs39,300/mt ex-works. In Ludhiana, the bi-weekly index for ingot fell by Rs900/mt to Rs38,800/mt ex-works on Tuesday from last Thursday.
In Chennai, the bi-weekly index for billet and rebar dipped by Rs500/mt each to Rs41,000/mt and Rs46,000/mt ex-works, respectively, compared to last Thursday. A few steel mills operators said that due to upcoming state assembly election in Tamil Nadu, buying activities will slow down from March 15.
In Durgapur, the bi-weekly index for billet decreased by Rs700/mt to Rs37,500/mt ex-works. The index for rebar decreased by Rs 500/mt to Rs42,500/mt ex-works.