The daily Davis Index for rebar in Raipur fell by Rs700/mt ($9.19/mt) on Friday and settled at Rs32,000/mt ($420.16/mt) ex-works amid sluggish demand and the resulting inventory pileups with mills. Prices have fallen by Rs1,000/mt ($13.13/mt) in the week.
The daily index for billet fell by Rs400/mt ($5.25/mt) and settled at Rs27,200/mt ($357.14/mt) ex-works Raipur in-line with a fall in pellet sponge iron and ferrous scrap prices. Pellet sponge iron prices were at Rs14,700-800/mt ex-works Raipur, down by Rs100-200/mt from the prior day.
In Mumbai, the daily Davis Index for rebar remained flat and settled flat at Rs32,500/mt ($426.73/mt) ex-works Mumbai on thin trades. Mills in the city are operating at 40-50pc capacity due to slow finished steel demand and labour shortage. The index for billet also settled flat at Rs27,100/mt ($355.82/mt) ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot declined by Rs250/mt($3.2) to Rs30,250/mt ($397.19) ex-works due to a similar fall in scrap prices.
($1= Rs76.16)