The daily Davis Index for rebar in Mumbai fell by Rs200/mt ($2.8/mt) to settle at Rs34,100/mt ($477.72/mt) ex-works pressured by lower sales.
Rebar manufacturers retained production at normal level. Buying interest was low and producers lowered their offers. If sales do not pick up in coming days, prices are likely to drop even further.
The daily Davis Index for billet in Mumbai fell marginally by Rs50/mt to Rs30,100/mt ($421.68/mt) ex-works. The daily index for rebar fell in Raipur by Rs200/mt and settled at Rs32,700/mt ($458.11/mt) ex-works, amidst sluggish demand.
Domestic rebar prices in secondary market fell by a total Rs800/mt ($11.2/mt) at both, Raipur and Mumbai markets this week. With the hopes that prices have already bottomed, market participants feel they are unlikely to fall further.
The index for billet settled unchanged at Rs28,800/mt ($403.47/mt) ex-works Raipur. Pellet sponge prices in Raipur were at Rs18,500-18,600/mt marginally down by Rs100/mt.
The daily Davis Index for ingot in Mandi Gobindgarh increased marginally by Rs100/mt ($1.4/mt) to Rs31,250/mt ($437.79/mt) ex-works, in line with an increase in ferrous scrap prices.
($1= Rs71.38)($1= Rs71.38)