The daily Davis Index for rebar in Raipur fell by Rs600/mt ($8.11/mt) to settle at Rs31,400/mt ($424.78/mt) ex-works, driven by a fall in ingot and billet prices and weak demand in the construction sector.Sellers stayed away from the market with rising COVID-19 cases in India and the resulting government travel restrictions.
The daily index for billet fell by Rs450/mt ($6.08/mt) and settled at Rs27,050/mt ($365.93/mt) ex-works Raipur, due to a glut of billets. A few integrated mills in Raipur preferred to sell billet over finished steel. Pellet sponge iron prices Raipur were unchanged at Rs17,400-17,500/mt.
In Mumbai, the daily Davis Index for rebar settled flat at Rs34,200/mt (462.66/mt). Trades were thin and the situation is likely to persist ahead in the week.
The daily Davis Index for billet in Mumbai fell by Rs433/mt ($5.85/mt) and settled at Rs29,567/mt ($399.98/mt) ex-works. Deals were reported at Rs29,600/mt.
In Mandi Gobindgarh, the daily index for ingot fell by Rs600/mt to Rs29,350/mt ($397.05/mt) ex-works due to a fall in ferrous scrap prices.