The daily Davis Index for rebar Tuesday remained flat and settled at Rs31,600/mt ($418.04/mt) ex-works Raipur. Steel mills are struggling with margin pressure as semis prices are rising, but finished steel prices are flat amid weak demand. Traders and retailers are wary of buying new material as there is little hope of an uptick on the demand side.
The daily index for billet increased by Rs600/mt and settled at Rs27,150/mt ex-works Raipur due to a shortage of billet and higher prices of pellet sponge. Pellet sponge iron prices were at Rs14,800-15,000/mt ex-works Raipur, up by Rs100-200/mt.
The daily Davis Index for rebar in Mumbai remained flat and settled at Rs31,700/mt ex-works Mumbai. Limited trade was heard at around Rs31,500-31,600/mt.
The index for billet increased by Rs350/mt at Rs27,450/mt ex-works Mumbai in line with a rise in local scrap prices. Billet offers were at 27,500/mt and bid at Rs27,300/mt, but no deals were reported.
In Mandi Gobindgarh, the daily index for ingot rose by Rs300/mt to Rs30,300/mt ex-works due to a similar rise in scrap prices.
($1= Rs75.59)