The Davis Index for rebar in Raipur settled unchanged on Tuesday at Rs35,200/mt (468.33/mt) ex-works. Trades have thinned for the past two days. Traders shied away from the market as they awaited clarity on demand revival.
In Raipur, the index for billet remained flat and settled at Rs29,300/mt ($389.83/mt) ex-works. Pellet sponge iron was priced at around Rs16,500/mt ex-works.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt (456.35/mt) ex-works with limited trades. Secondary steel mills across Maharashtra are operating at low capacities as they struggle with labour shortages. The daily index for billet also remained flat to Rs29,700/mt (395.15/mt) ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot decreased by Rs150/mt ($1.99/mt) to Rs31,200/mt ($415.11/mt) ex-works in line with a fall in ferrous scrap prices.
Demand of finished steel products such as rebar, pipes and structures has improved in Punjab over the week with new booking from neighbouring states.