The daily Davis Index for rebar in Mumbai fell by Rs200/mt ($2.72/mt) at Rs33,700/mt ($459.12/mt) ex-works. Mills reduced rebar offers on Thursday after a long duration on increased selling pressure. The daily Davis Index for billet in Mumbai was also down by Rs150/mt ($2.04/mt) at Rs30,500/mt ($415.53/mt) ex-works due to limited trades. A few deals were reported at index price.
In Raipur, the daily index for billet decreased by Rs150/mt at Rs29,800/mt ($405.99/mt) ex-works following drop in rebar prices. The daily index for rebar declined by Rs200/mt at Rs33,200/mt ($452.31/mt) ex-works. Steelmakers in Raipur are concerned about the depression in finished steel market. Pellet sponge remained flat to Rs20,000/mt ($272.47/mt) ex-works with no takers heard at these prices.
In Mandi Gobindgarh, the daily index for ingot was marginally up by Rs100/mt to settle at Rs33,050/mt ($450.27/mt) ex-works. The daily index for rebar was down by Rs100/mt at Rs38,050/mt ($518.39/mt) ex-works on subdued demand.
In Durgapur, the bi-weekly index for rebar dropped by Rs475/mt ($6.46/mt) to Rs33,025mt ($449.5/mt) ex-works on Thursday from 33,500/mt ($456.05/mt) on Tuesday this week amid sluggish demand. A few deals were reported at the index price.
Manufacturers expect the market to remain slow in the near term due to muted demand for finished steel and rising raw material prices. Small and medium scale enterprises that manufacture only rebar are facing challenges in the absence of adequate and timely supply of finance, cited a manufacture. The index for billet dropped by Rs500/mt ($6.8/mt) to Rs30,500 ($415.2/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar dropped by Rs300/mt ($4.08/mt) to Rs 35,250/mt ($479.8/mt) from Rs35,550/mt ($483.9/mt) on Tuesday with deals being reported at the index price. The index for billet also dropped by Rs300/mt ($4.08/mt) to Rs31,200/mt ($424.7/mt).
In Jalna, the bi-weekly index for billet decreased by Rs200/mt to Rs30,400/mt ($414.16/mt) ex-works from prior week in line with the fall in local scarp prices. Limited deals were heard at index prices. The bi-weekly index for rebar marginally fell by Rs50/mt at Rs34,100/mt ($464.57/mt) ex-works. Sources from mills revealed that only 40-50pc of normal trading is taking place.
In Gujarat, the bi-weekly index for rebar remained flat at Rs34,900/mt ($475.47/mt) ex-works. Mills are facing pressure of high inventory and offering discounts to encourage sales. The bi-weekly index for billet was down by Rs300/mt at Rs30,950/mt ($421.66/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot decreased by Rs650/mt to Rs 33,050/mt ($450.27/mt) ex-works with a similar fall in local scrap prices.