The daily Davis Index for rebar in Raipur settled at Rs33,650/mt ($471.02/mt) ex-works unchanged for three consecutive days, ahead of the government’s financial budget announcement.
The daily index for billet in Raipur settled at Rs29,750/mt ($416.43/mt) ex-works, marginally up by Rs50/mt ($.69/mt) as supply tightened. Manufacturers from Raigarh, who supply billets to Raipur opted to sell in Uttar Pradesh markets for a better realisation.
Pellet sponge prices in Raipur were at Rs19,400-19,500/mt, unchanged from the day prior.
The daily Davis Index for rebar in Mumbai also settled flat at Rs35,800/mt ($501.11/mt) ex-works.
Primary producers are speculating steel prices to by Rs1,000/mt at the minimum in early February on supply crunch and high input cost. Recently, JSW Steel’s crude steel production declined by 5pc to 4.02mn mt from the prior year amid extended monsoons impacting its operations at Dolvi and Vijaynagar.
The daily index for billets in Mumbai settled at Rs31,950/mt ($447.22/mt) ex-works, also unchanged.
The daily index for ingot at Mandi Gobindgarh fell by Rs200/mt ($2.79/mt) to Rs32,050/mt ($448.62/mt) ex-works on Friday, in-line with a fall in ferrous scrap prices.